Originally published on: December 03, 2024
As the holiday shopping season kicks into high gear, cybersecurity experts are sounding the alarm on the expected surge in crypto phishing attacks. According to a recent report from Scam Sniffer, a platform dedicated to monitoring crypto scams, over 9,200 cryptocurrency investors fell victim to phishing scams in November, resulting in collective losses of nearly $9.4 million.
The report highlights a chilling statistic: “About $9,380,000 stolen. 9,208 victims.” It goes on to reveal that one unfortunate individual lost $661,000 in stETH within minutes, hinting that this may just be the beginning of a larger trend.
Malicious signatures are identified as the primary weapon wielded by crypto scammers, allowing them to take full control of victims’ digital wallets and execute wallet drain attacks. Despite a slight decrease in losses from phishing attacks compared to the previous month, experts are warning of a potential spike in scams as the holiday season approaches.
Deddy Lavid, co-founder and CEO of Cyvers, a Web3 security platform, emphasizes the need for heightened vigilance during this high-risk period. He advises users to exercise caution when signing blockchain transactions and to thoroughly scrutinize any suspicious activity. Lavid stresses the importance of simulating transactions beforehand to prevent inadvertent authorization of malicious activities.
While the holiday season does bring an increased risk of cyber threats, data shows a decrease in crypto hacks compared to previous years. As of November, hackers have stolen $1.48 billion year-to-date, marking a 15% decrease from the same period in 2023. Despite this positive trend, the industry has still suffered significant losses from hacks and exploits, totaling over $19 billion across 785 reported incidents in the past 13 years.
As the festive season approaches, it’s crucial for crypto investors to stay informed, stay alert, and implement robust security practices to safeguard their digital assets. With phishing attacks on the rise, remaining vigilant is key to ensuring a safe and secure holiday shopping experience in the crypto world. Stay safe and happy holidays!