10,000 victims lost $46 million to crypto phishing scams in September

Web3 anti-scam platform Scam Sniffer reported that approximately 10,000 victims lost $46 million to crypto phishing scams in September alone.

Scam Sniffer reported that in the third quarter of 2024 alone, crypto phishing losses totaled $127 million. The September phishing report also highlighted that in Q3, there has been an average of 11k victims per month.

Two major incidents accounted for $87 million in losses

According to the report, two major incidents accounted for $87 million of the total losses.

In one case, a single victim lost $32 million by unknowingly signing a malicious permit signature. In a separate incident, the victim lost $1 million due to copying an incorrect address from a contaminated transfer history.

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In September, around 10K victims lost approximately $46 million to crypto phishing scams.

In Q3 2024, phishing losses totaled $127 million with an average of 11K victims per month. Two major victims accounted for $87 million. ????

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— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) October 4, 2024

Scam Sniffer’s report was based on feedback from the blockchain analysis platform, MistTrack. The report indicates that most phishing incidents occurred when users clicked on malicious links shared by fake accounts on X.

Google phishing ads were identified as the second most common entry point for these scams.

Preventing crypto phishing and post-attack advice

To combat the growing threat, Scam Sniffer recommends several protective measures. Users are advised to install reputable security extensions and stay informed about the latest phishing activities.

For platforms and developers, optimizing the display of major phishing signatures and integrating phishing domain and address blocklists can enhance user protection.

In the event of falling victim to a phishing attack, Scam Sniffer cautions against trusting individuals or services claiming to recover 100% of stolen assets. Instead, they recommend contacting legitimate investigation agencies for assistance in tracking stolen funds.

The September report is part of a larger trend observed throughout 2024. Earlier data from CertiK shows that Q3 alone saw approximately $343.1 million lost across 65 phishing incidents.

These figures contribute to a total of over $753 million stolen in crypto assets during that period. This represents a 9.5% increase in losses compared to previous quarters, despite fewer overall security breaches.