- Crypto phishing attacks plummeted 46% in April to a yearly low of $38 million, according to security firm Scam Sniffer
- Coinbase-backed Ethereum layer-2 network Base recorded a 145% surge to $8.2 million in phishing incidents during April
- Scammers primarily used fake accounts on X (formerly Twitter) to mimic prominent projects and lure victims to malicious sites
Crypto phishing attacks decreased significantly in April 2024, reaching the lowest monthly total so far this year. Security firms have attributed the drop to increased vigilance and protective measures in the crypto community.
Phishing Incidents Fall 46%
According to data from security firm Scam Sniffer, phishing attacks targeting the crypto industry fell 46% in April to $38 million. This aligns with findings from CertiK showing crypto-related scams and exploits dropped to a record low of $25.7 million last month.
Scam Sniffer reported the Ethereum layer-2 network Arbitrum saw a 145% surge in phishing incidents to $82 million in April. Two of the top 10 largest single thefts took place on Arbitrum, accounting for 21% of the monthly total.
Scammers Target Social Media
The analysis found 88% of stolen assets were ERC-20 tokens. Scam Sniffer identified fake accounts on social media as the main tool used by attackers.
These accounts impersonate prominent crypto projects and often use fake verification badges to appear legitimate. The scammers then post deceptive comments to direct victims to malicious sites and steal their funds.
Scam Sniffer noted phishing signatures like Permit and IncreaseAllowance were commonly used to drain funds without users’ consent. Despite increased alerts, attackers evade detection through legitimate contracts and Uniswap Multicall variants.
Crypto Community Bolsters Defenses
While crypto scams remain an ongoing threat, the significant decrease in April indicates strengthened defenses across the ecosystem. With users and platforms ramping up security practices, the community has shown its resilience against phishing campaigns.
Continued collaboration and vigilance will be key to sustaining this downward trend in crypto-related fraud moving forward.
