Crypto phishing attacks plummet in April, reaching a yearly low of $38 million

Phishing attacks within the crypto industry decreased 46% to $38 million in April, the lowest amount this year, according to the security firm Scam Sniffer.

Notably, this aligns with CertiK’s finding that crypto-related exploits and scams plummeted to a historic low of $25.7 million in April.

How To Get Free Crypto  

April’s phishing attack

Per Scam Sniffer’s findings, the Coinbase-backed Ethereum layer-2 network Base recorded a 145% surge to $8.2 million in phishing incidents during the past month. Two of the top 10 largest single thefts occurred on this chain, accounting for 21% of the month’s total theft.

Top 10 Phishing Attacks in April. (Source: Scam Sniffer)

Meanwhile, ERC-20 tokens bore the brunt of attacks, with 88% of the stolen assets belonging to this class.

Scam Sniffer identified fake accounts on the social media platform X (formerly Twitter) as the primary tool utilized by scammers. These attackers mimicked prominent projects like Renzo, Avail, and, Wormhole, and Omni, and their accounts often sport fake verification marks, lending an air of authenticity that is used to lure unsuspecting users.

Using these accounts, the attackers post deceptive comments on social media platforms to drive unsuspecting individuals to malicious sites where their assets can be stolen.

Additionally, the attackers usually employed phishing signatures such as Permit, IncreaseAllowance, and Uniswap Permit2. These malicious signatures grant the attackers access to their victim’s funds without their knowledge.

Coinbase Banner  

Scam Sniffer added:

“Despite wallets increasing phishing alerts for certain signatures, wallet drainers are actively finding ways around these alerts using legitimate contracts like Disperse and Uniswap Multicall, and variants of value normalization.”

Mentioned in this article

Go to Source
Author: Oluwapelumi Adejumo

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.