$494 Million Stolen in Cryptocurrency Wallet Breaches This Year

As a result of the churning threat landscape, new threats are always emerging while others disappear or fade into irrelevance. Wallet drainers trick their victims into signing malicious transactions in order to steal their assets. As the name implies, Wallet Drainer is a malicious malware that is used on phishing websites in order to steal crypto assets through the enticement of users to sign malicious transactions. It was estimated that such attacks would result in an average loss of about $494 million in 2024. 

As part of its web3 anti-scam platform, Scam Sniffer, which has been monitoring wallet drainer activity for some time, these insights are derived. Previously, the platform has flagged attacks that have affected up to 100,000 people at the same time, and these tools are phishing tools that are intended to swindle cryptocurrency from users’ wallets through fake or compromised websites, thereby stealing money from the wallets of users. 

As a result of the thefts, 30 large-scale thefts involving more than $1 million were reported, with the largest single heist being worth $55.4 million. As a result of this, the number of victims increased by a whopping 6.7% compared to 2023, suggesting that victims held higher amounts on average. According to web3’s anti-scam platform, Scam Sniffer, which has been tracking wallet drainer activity for some

[…]
Content was cut in order to protect the source.Please visit the source for the rest of the article.