As the Christmas holiday shopping season approaches, cybersecurity experts are raising alarms about an expected surge in crypto phishing attacks. According to a recent analysis by Scam Sniffer, a platform that tracks cryptocurrency scams, November already saw a significant amount of money lost to such scams, and the trend is likely to escalate in December.
November’s Crypto Scam Snapshot
In November alone, over 9,200 cryptocurrency investors fell victim to phishing scams, cumulatively losing almost $9.4 million. One notable incident involved a victim losing $661,000 in stETH within minutes. Scam Sniffer described this loss as “just the tip of the iceberg,” indicating the broader threat posed by these scams.
Malicious signatures, which grant attackers complete control over a victim’s digital wallet once a compromised blockchain transaction is signed, continue to be the most effective tool for crypto scammers, leading to significant wallet drain attacks.
Deddy Lavid, co-founder and CEO of Cyvers—a Web3 security platform—commented to Cointelegraph about the anticipated increase in phishing activities in December. He noted that the holiday season’s spike in online transactions presents an opportune moment for cybercriminals to strike. Lavid highlighted several precautions that investors should take to safeguard their assets:
- Verify the authenticity of all communications.
- Enable two-factor authentication.
- Avoid using public WiFi for transactions or accessing sensitive information.
- Stay vigilant against holiday-themed phishing tactics.
- Use real-time monitoring tools to flag any suspicious activities promptly.
Lavid also stressed the importance of scrutinizing blockchain transactions before signing and suggested simulating transactions to avoid inadvertently authorizing malicious activities.
Despite the forecast for increased phishing attempts in December, 2024 has seen fewer overall crypto hacks compared to 2023. By November 28, crypto hackers had stolen $1.48 billion year-to-date (YTD), marking a 15% decrease from the same period last year.
In a notable success, November witnessed the largest hack of the month involving the $25.5 million Thala protocol hack. Fortunately, the protocol managed to recover all assets lost due to a farming vulnerability.
Over the past 13 years, the crypto industry has suffered losses exceeding $19 billion across 785 reported hacks and exploits.
| Event | Details |
|---|---|
| November Phishing Losses | $9.4 million from 9,208 victims |
| Notable Hack | $25.5 million Thala hack, all recovered |
| YTD Crypto Stolen | $1.48 billion, down 15% from 2023 |
The consistent threat of phishing attacks, especially highlighted during the festive season, underscores the need for heightened security measures and increased vigilance within the crypto community. It is essential for both individuals and platforms to strengthen their defenses and remain cautious about potential threats. By implementing robust security practices and educating users about the risks and mitigation strategies, the crypto industry can better protect its participants from the evolving tactics of cybercriminals. This collective effort is vital for maintaining trust and security as the adoption of cryptocurrencies continues to grow.
