Phishing Scams in the Digital Asset Ecosystem

Phishing scams have caused significant damage in the digital asset space and are increasing again as the market recovers.

These attacks have become more sophisticated, leading to well-known crypto investors, whales, and industry figures falling victim and suffering significant financial losses.

  • In a recent update on March 21st, CertiK detected a deposit of 3,700 ETH into Tornado Cash on the ethereum blockchain.
  • The hacker’s transfer of over $10 million raised concerns because it was linked to a major phishing incident from September 2023, where funds were stolen from a crypto whale.
  • During this phishing attack, the whale lost $24 million of staked ETH on Rocket Pool through two transactions.
  • The hacker stole 9,579 stETH in one transaction and 4,851 rETH in another, totaling $15.5 million and $8.5 million respectively at the time of the breach.
  • An investigation by Scam Sniffer revealed that the whale unknowingly approved token transfers to the fraudsters through “increaseAllowance” transactions.
  • In February, losses from hacks, exploits, and scams decreased slightly. Phishing attacks accounted for $14.6 million of the $160 million lost that month, with $6.4 million successfully recovered.
  • Scam Sniffer’s February Phishing Report found that many victims were deceived by phishing scams on X (formerly Twitter). Fake comments from fraudulent X accounts directed victims to malicious websites where they were targeted.
  • Earlier this year, an anonymous person lost $4.2 million in a phishing attack using a falsified ERC-20 permission signature.

### News source:

See also  Tron Network Reports Surge in Zero-Transfer Phishing Losses to $451M USDT: Data

By Team