February 2024 Crypto Scam Losses Reach $46.86 Million, Scam Sniffer Reports*
In a recent report by Scam Sniffer, a leading Web3 anti-scam solution company, it was revealed that the month of February 2024 witnessed a staggering loss of $46.86 million in cryptocurrencies to various scams. The report highlighted that over 57,000 individuals fell victim to a range of phishing scams during this period.
According to the findings, there was a significant decrease in the number of victims who lost over $1 million compared to January, with a notable 75% decline in such cases. This indicates a positive trend in the fight against crypto scams, although challenges still persist in the digital asset space.
Ethereum Mainnet Accounts for Majority of Exploits
Among the reported thefts, Ethereum mainnet accounted for more than $36.2 million, representing a substantial 78% of the total exploits in February. Additionally, Ethereum blockchain users constituted the largest group of victims, with a total of 25,029 individuals affected by various scams during the month.
The data also revealed that February saw a significant spike in single-day losses, with over $6.2 million in digital assets being lost on February 15 alone. This underscores the need for increased vigilance and security measures within the crypto community.
ERC Tokens Bear the Brunt of Stolen Assets
Scam Sniffer’s analysis further highlighted that Ethereum-based ERC tokens bore the brunt of the stolen assets, accounting for $40 million, which is a substantial 86% of the total stolen assets during the period. The report pointed out that most of the thefts involving ERC20 tokens were a result of assets being stolen through phishing signatures such as Permit, IncreaseAllowance, and Uniswap Permit2.
In a separate report by Immunefi, it was noted that Ethereum experienced the highest number of individual attacks, with 12 incidents accounting for 85.71% of the total losses across targeted chains. This underscores the need for enhanced security measures and awareness among crypto users to mitigate such risks.
Major Crypto Scams in February
In addition to the overall losses reported by Scam Sniffer, there were notable incidents of major crypto scams in February. One such case involved the web3 gaming platform PlayDapp, which suffered a significant security breach resulting in cumulative losses exceeding $290 million. The breach, attributed to a private-key leak, led to the unauthorized issuance of PLA tokens, as confirmed by PlayDapp.
Another significant loss in February was linked to a crypto heist on the decentralized exchange FixedFloat, where 409 Bitcoin (approximately $21.3 million) and 1700 ETH (around $4.9 million) were stolen. FixedFloat attributed the attack to vulnerabilities in its infrastructure, emphasizing the importance of robust security measures in the crypto ecosystem.
As the crypto landscape continues to evolve, it is crucial for industry players and users alike to remain vigilant and proactive in safeguarding their digital assets against malicious actors and scams. Stay informed, stay secure.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
