According to cybersecurity firm Scam Sniffer, crypto-phishing frauds have facilitated the theft of more than $295 million in assets by 2023.
In a new analysis, Scam Sniffer notes that phishing websites use a type of crypto malware known as “wallet drainers” that trick victims into greenlighting malicious transactions.
According to the company, approximately 324,000 crypto owners fell victim to wallet drainers last year.
Wallet drainers looted nearly $7 million on March 11 alone, with scammers posing as the issuer of stablecoin Circle, amid fluctuations in the price of USDC.
According to the security company, the largest wallet snatcher, Inferno Drainer, stole $81 million in nine months in 2023.
Scam Sniffer notes that these phishing websites drive traffic to their sites via multiple methods, including: hacking official X and Discord pages, attacking official project frontends, airdropping tokens, taking over expired Discord links, spam listings and comments on X and paying for search ads on Google and
explains the company,
“Although hacking attacks have a broad impact, the community often responds quickly, typically within 10 to 50 minutes. However, airdrops, organic traffic, paid advertisements and acquired Discord links are much less noticeable. In addition, there are more targeted personal private message phishing scams [attacks].”
Read the full analysis of Scam Sniffer here.
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Generated image: Midjourney