In March, there was a surge in the number of crypto assets and non-fungible token (NFT) collectibles stolen through various hacks and fraudulent means. According to the latest "Scam Sniffer Report", these crypto phishing attacks resulted in more than 77,000 people becoming victims and losses exceeding $71 million. In this article, we will take a deep dive into this shocking crypto report.
Crypto and NFT fraud to reach $71 million in March 2024
According to data released by the blockchain anti-fraud solution "Scam Sniffer" on dune.com, crypto phishing fraud cases have increased significantly in recent weeks. Last month, crypto phishing fraud cases reached $71 million, an increase of $50% from the funds stolen in February.
【1/7】 Scam Sniffer’s Phishing Report for March
Crypto phishing fraud cases reached $71 million in March 2024, an increase of $50% from the funds stolen in February.
A total of $173 million was lost in the first quarter of 2024.
pic.twitter.com/Z40WHJRYv4
- Scam Sniffer | Web3 Anti-Scam (@realScamSniffer)
April 2, 2024
The Ethereum-based blockchain network, which powers most crypto and non-fungible token projects, is also the most affected blockchain network by phishing scams. In March this year, more than $52 million in crypto assets were stolen from Ethereum. BNB Chain and Base Chain are the second and third most affected blockchain networks by phishing campaigns.
In March 2024, the BNB chain created by Binance, one of the world's largest cryptocurrency exchanges, was stolen from digital assets worth $7 million, while the Base chain created by Coinbase, a global cryptocurrency exchange, was stolen from digital assets worth more than $3 million. Compared with February, the stolen funds of Base increased by 500%.
In March 2024, ERC-20 became the most stolen digital asset, reaching $64 million. Ethereum was the second most stolen digital asset, reaching more than $5 million. Non-fungible tokens were the third most stolen digital asset in March, with a total loss of $1.9 million.
Source: dune.com, stolen digital assets in March 2024
The increase in crypto fraud cases is due to the growing popularity and value of crypto assets, which has led scammers to delve into new and old techniques to steal funds. Some common scams include creating fake cryptocurrency trading platforms, counterfeit versions of official crypto wallets, false advertising and fake celebrity endorsements to attract victims.
In a blog post on April 2, Scam Sniffer said that fake X "former Twitter" accounts that post deceptive comments are still a major tactic for many scammers and hackers. In the past two weeks, crypto detective Scam Sniffer has discovered more than 1,517 fake X accounts that post deceptive comments.
[5/7] Fake Twitter accounts posting deceptive comments remain a major tactic for scammers. Popular projects are being imitated every day. In the past two weeks, the scammer sniffer detected a whopping 1,517 fake accounts.
pic.twitter.com/b0T45dqV9s
- Scam Sniffer | Web3 Anti-Scam (@realScamSniffer)
April 2, 2024
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