Comment posts made by imposter accounts on X led the majority of victims to phishing websites.
In February, almost 57,000 people fell prey to cryptophishing schemes, the majority of which originated from X-related fake accounts.
“The majority of victims were convinced to visit phishing websites by malicious remarks made by individuals posing as Twitter accounts,” Scam Sniffer said in its most recent report on crypto phishing, adding that over $46.8 million was stolen in such schemes last month.
According to Scam Sniffer, the majority of thefts (78% overall) occurred on the Ethereum mainnet, and the majority of stolen assets (86% total) were ERC-20 tokens.
According to the report, the majority of Ethereum token losses occurred when users consented to fraudulent transactions using phishing signatures and apps like Uniswap Permit2, Permit, and IncreaseAllowance.
It went on to say that the majority of wallet drainers have recently begun spending token approval funds from account abstraction wallets.
Ethereum wallets get new capabilities and smart contract compliance with account abstraction. Although there were more phishing victims in February compared to January, the overall amount taken was lower in February compared to January. The number of victims who lost more than $1 million also dropped significantly in February.
Scammers often prey on the social media accounts of famous people, impersonating them in replies or even accessing their accounts to spread phishing links.
A breach in February resulted in the theft of around $440,000 worth of cryptocurrency from MicroStrategy’s X account.
Crypto phishers have also compromised the X accounts of Vitalik Buterin, Rocket Pool, Compound Finance, and Blockchain Capital in the last few months.
A growing number of crypto fraudsters are using “approval phishing” techniques to steal cash, according to a December investigation by Cointelegraph.
This kind of assault entices people to sign transactions that give criminals access to their wallets, so they can steal the funds.
According to a new FBI analysis, Millennials are the demographic most prone to becoming victims of investment fraud.
Also Read: Binance leaving worries and excites Nigeria’s crypto community March 11, 2024
Wallets