- Over $127 million in cryptocurrencies stolen in Q3 2024, with $46 million lost in September.
- Ether remained the top target, with major losses reported in phishing attacks and scams.
- Overall crypto hacks cost investors $753 million in Q3, with a recovery rate of just 4.1%.
More than $127 million worth of cryptocurrencies were stolen from investors during the third quarter of 2024, with September alone accounting for approximately $46 million in losses. According to Web3 security firm Scam Sniffer, around 10,800 victims fell prey to phishing attacks in September, the largest of which occurred on September 28. This attack used a phishing signature to drain 12,083 spWETH, valued at $32.43 million.
Rise in Phishing Attacks Targeting Ether
In phishing schemes, scammers trick investors into connecting their crypto wallets, such as MetaMask, to fake services, allowing them to withdraw funds without further authentication. Scam Sniffer reported that Ether (ETH) was the main target, with other cryptocurrencies like Polygon (MATIC), BNB, and Optimism (OP) also affected.
Crypto tracking platform MistTrack noted that phishing attacks are often initiated by clicking links from fake accounts on the social platform X, formerly known as Twitter, or from Google phishing ads. Two major phishing incidents during the third quarter led to losses totaling $87 million. With the rise in these scams, experts recommend that investors double-check website URLs and email addresses before interacting to ensure authenticity.
Overall Crypto Losses Surge in Q3 2024
A broader report from cybersecurity firm CertiK revealed that total losses from all forms of crypto hacks reached $753 million in the third quarter of 2024, marking a 9.5% increase compared to the previous quarter. Of the 155 security incidents reported, the Ethereum network saw the highest number, with 86 hacks and exploits resulting in losses of more than $387 million.
The recovery of stolen assets remained minimal, with only 4.1% of funds retrieved, a significant drop from the 14.4% recovery rate in the previous quarter. The report emphasized the challenges of addressing security vulnerabilities, especially within the Ethereum network, which suffered the most incidents.
