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Web3 anti-fraud solution provider Scam Sniffer disclosed that February 2024 experienced an astonishing loss of $46.86 million in cryptocurrencies due to scams.
According to the report, over 57,000 individuals became victims of various phishing schemes. “In comparison to January, the count of victims who lost more than $1 million dropped by 75%,” it stated.
[1/6] ScamSniffer’s February Phishing Report
In February, approximately 57,000 victims lost around $47 million to crypto phishing scams.
Compared to January, the number of victims who lost over $1 million decreased by 75%. pic.twitter.com/UgZk0K91lH— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) March 10, 2024
Among the thefts, Ethereum mainnet accounted for over $36.2 million, representing 78% of the total exploits during February. Additionally, Ethereum blockchain users made up the largest group of victims, totaling 25,029 individuals.
Significantly, February saw a 75% reduction in the overall number of victims who lost over $1 million compared to January 2024. However, the data indicated that more than $6.2 million in digital assets were lost in a single day—February 15.
Source: Dune
Moreover, Scam Sniffer pointed out that Ethereum-based ERC tokens suffered the most, with $40 million of the stolen assets. This constituted 86% of the total assets taken.
“The majority of the thefts involving all ERC20 tokens were attributed to assets being stolen as a result of signing phishing signatures such as Permit, IncreaseAllowance, and Uniswap Permit2.”
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[3/6] The majority of the thefts involving all ERC20 tokens were attributed to assets being stolen as a result of signing phishing signatures such as Permit, IncreaseAllowance, and Uniswap Permit2. pic.twitter.com/O5UvmSEUTT
— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) March 10, 2024
Another recent report on crypto losses from Immunefi indicated that “Ethereum experienced the highest number of individual attacks, with 12 incidents accounting for 85.71% of the total losses across targeted chains.”
Major Crypto Scams in February
As previously reported by Cryptonews.com, the web3 gaming platform PlayDapp encountered a significant security breach on February 10. This scam resulted in total losses surpassing $290 million.
The exploit appeared to stem from a private-key leak, leading to the unauthorized issuance of PLA tokens, as confirmed by PlayDapp regarding the hack.
Another notable loss in February was attributed to the notorious crypto heist on the decentralized exchange FixedFloat. The hack resulted in the theft of 409 Bitcoin (valued at approximately $21.3 million) and 1700 ETH (worth around $4.9 million).
FixedFloat informed Cryptonews that the attack was not internal and instead blamed it on “flaws” and “insufficient protection” within the exchange’s infrastructure.
The post $46.86 Million Stolen in Crypto From Scams in February: Report appeared first on Cryptonews.
