The number of crypto assets and non-fungible token collections stolen through various hacks and scams has seen a sharp spike in March. According to the recent scam sniffer report, these crypto phishing attacks left over 77,000 victims, losing over $71 million. In this article, we shall explore this shocking crypto report in depth.
Crypto And NFT Scams Hit $71M In Mar 2024
Data compiled by scam sniffer, an on-chain web3 anti-scam solution, published on dune.com shows that crypto phishing scams have sharply increased in recent weeks. Last month, crypto phishing scams hit $71 million, representing a 50% increase in stolen funds from February.
[1/7] 🚨💸 ScamSniffer's March Phishing Report
Crypto phishing scams hit $71M in March, marking a 50% increase in stolen funds from February.
The first quarter of 2024 has seen a total of $173M lost to phishing scams. 📈🔒 pic.twitter.com/Z40WHJRYv4— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) April 2, 2024
Ethereum, the blockchain network powering the majority of crypto and non-fungible token projects, was the most affected blockchain network by phishing scams. In March, Ethereum saw over $52 million in crypto assets stolen. The BNB and Base chains were the second and third most affected blockchain networks by phishing activities.
In March 2024, BNB Chain, a blockchain network created by Binance, one of the world’s largest cryptocurrency exchanges by trading volume, saw $7 million worth of digital assets stolen, while Base Chain, a blockchain network created by Coinbase, another global crypto exchange, saw over $3 million worth of digital assets stolen. Base stolen funds surged by 500% compared to February.
$1.9 Million NFTs Got Stolen In Mar 2024
ERC-20, a token standard for creating and issuing smart contracts on the Ethereum blockchain, were the most stolen digital assets in March, amounting to over $64 million. Ethers were the second most stolen digital asset, amounting to over $5 million. Non-fungible tokens were the third most stolen digital assets in March, registering a total loss of $1.9 million.
Source: dune.com, digital assets stolen in March 24
The rise of crypto scams has been caused by the increasing popularity and value of crypto assets, leading scammers to delve into new and old techniques to steal money. Some common tactics scammers employ include creating fake cryptocurrency trading platforms, counterfeit versions of official crypto wallets, bogus ads and fake celebrity endorsements to lure victims.
In an April 2 blog post, Scam Sniffer maintained that fake X ‘formerly Twitter’ accounts posting deceptive comments remain a primary tactic for many scammers and hackers. The crypto sleuth Scam Sniffer has detected over 1,517 fake X accounts promoting scams in the past two weeks.
🧵 [5/7] Fake Twitter accounts posting deceptive comments remain a primary tactic for scammers. Every day brings popular projects for them to mimic. In the past two weeks, ScamSniffer detected up to 1,517 fake accounts. pic.twitter.com/b0T45dqV9s
— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) April 2, 2024
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