The cryptocurrency market faced a significant rise in thefts in August, with phishing emerging as one of the most prevalent tactics used by scammers.
According to a report by blockchain security firm Scam Sniffer, approximately $63 million was lost to phishing scams in August alone. The report highlighted that these funds were stolen from around 9,145 victims, marking a staggering 215% increase in the amount lost compared to July.
One attack eclipses all
While the total amount stolen surged in August, the number of victims decreased by 34% from the previous month.
This suggests that the attacks were fewer but more targeted and devastating in scale.
A significant portion of the funds lost in August stemmed from a single attack that targeted a large investor, known as a whale.
On August 21, a whale lost $55.47 million worth of the stablecoin DAI after falling victim to a malicious transaction.
The attacker allegedly used a fake website or email to gain control over a smart contract (DSProxy) that managed the whale’s assets.
Once in control, the attacker transferred the funds to their wallet and swiftly converted them into Ethereum, making recovery nearly impossible.
Another notable attack occurred on August 19, when a Bitcoin whale lost over 4,064 Bitcoin.
Flagged by on-chain investigator ZachXBT, this attack was the largest in August.
While details on how the funds were lost remain unclear, this incident underscores the growing sophistication of cyberattacks in the crypto space.
Source: Scam Sniffer.
Phishing attacks come in various forms
Cryptocurrency thieves are constantly innovating how they lure users into clicking links and signing transactions. There have been several reported incidents of phishing attacks over the past that range from using fake websites to promoting fake airdrops.
For instance, in July, attackers hijacked the website of the decentralized lending platform Compound Finance and redirected anyone trying to visit it to a malicious phishing website.
A month before, Yu Xian, founder of security firm SlowMist, warned that scammers were using Telegram groups to spread phishing links that compromised TON wallets once a user engaged with them.
Scammers were also targeting players of the viral clicker game Hamster Kombat, as reported by Invezz in July.
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