In February, cybercriminals orchestrated a series of sophisticated crypto phishing scams, resulting in a staggering $47 million in losses. These scams, often initiated through social media platforms like X (formerly Twitter), saw a dramatic 40% surge in victims compared to January, with over 57,000 individuals falling prey to their deceitful tactics. Despite the increase in victims, the overall amount lost decreased by 14.5%, indicating a slight reprieve amidst the relentless onslaught of crypto-related scams.
Leading the charge in terms of losses were Ethereum (ETH) and the layer-2 network Arbitrum (ARB), accounting for three-quarters and 7.4% of the total losses, respectively. ERC-20 tokens, a popular form of cryptocurrency, constituted a staggering 86% of the assets pilfered by cybercriminals, highlighting their preference for easily transferable digital assets.
At the heart of these scams lies a cunning strategy: impersonating legitimate entities, such as well-known crypto projects, to trick unsuspecting users into divulging sensitive information like private keys. These keys serve as a gateway to users’ digital wallets, which are subsequently raided by the scammers, leaving victims reeling from substantial financial losses.
Scam Sniffer, a prominent anti-scam platform, shed light on the prevalent use of fake social media accounts in these fraudulent schemes. By impersonating X accounts of reputable crypto projects, phishers exploit users’ trust in official channels, coaxing them into unwittingly surrendering their private keys.
This article has been indexed from CySecurity News – Latest Information Security and Hacking Incidents