Users Lose $104M in Crypto Due to Phishing Attacks

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Phishing attacks remain a significant threat to cryptocurrency users, resulting in substantial financial losses.

According to Scam Sniffer, an estimated 97,000 users were affected by phishing scams in the first two months of the year, resulting in a staggering $104 million in losses. Ethereum users were the primary target, with $78 million in assets such as ether and ERC20 tokens being drained by attackers.

The majority of these losses were due to victims unknowingly signing malicious phishing signatures, such as “ERC20 Permit” and “increaseAllowance,” which granted attackers access to their funds without their knowledge.

This type of attack is particularly concerning because signing just one malicious signature can result in the loss of all assets stored in a wallet.

Scam Sniffer’s analysis also revealed that many victims were led to phishing sites through deceptive comments on social media, especially on Twitter.