Crypto Phishing Losses Exceed $800 Million in 2024
Giggle Academy, an educational initiative launched by Binance founder Changpeng Zhao, was also the victim of a cyberattack that compromised its official X account (formerly Twitter). This leads to the spread of phishing links and false information.
The incident occurred at a time when emerging industries are facing phishing attacks, which have caused huge losses to users.
Giggle Academy hack adds to growing threat of phishing attacks
On November 16, Zhao Confirmed Giggle Academy’s X account has been compromised and the community is being warned not to interact with compromised accounts. The attackers falsely claimed that a “new CEO” had been appointed and shared phishing links to lure victims into verifying the fabricated announcement.
Giggle Academy Free online available course Covering grades 1 to 12, it focuses on core subjects and additional topics such as emotional intelligence, finance and blockchain. Central to its mission is providing accessible education to underserved communities.
Giggle Academy leak highlights The growing phishing problem in the blockchain industry. This year alone, phishing-related losses exceeded $800 million. Blockchain security company CertiK Attribute this surge to increasingly sophisticated technologies, e.g. wallet Drain and resolve poisoning issues.
CertiK data shows 247 Phishing incidents recorded in 2024. The first quarter had the highest number of attacks, with 82, followed by 67 and 65 in the second and third quarters, respectively. Thirty-three cases have been recorded in the fourth quarter, although it is only halfway through.
Although the first quarter saw the most attacks, the second quarter led in total losses, with more than $433 million stolen. The loss in the third quarter reached $343 million, compared with a loss of $67 million in the first quarter. Although the fourth quarter has seen fewer events so far, its impact on the currency is expected to exceed the data seen at the beginning of the year.
CertiK highlights shift in phishing methods increasingly used by hackers advanced tools. Tips for emptying your walletFirst popularized by ice net fishing, it is now becoming more and more powerful. in such Scamusers are tricked into granting token spending permissions to malicious actors.
Modern variations combine these methods with additional drainage tools, such as Angel Drainer and Pink Drainer. Angel Drainer recently acquired Inferno Drainer Highlighting the increasing prevalence of such tools in phishing campaigns.
Another growing threat is address poisoning, where scammers create fake wallet addresses that resemble legitimate addresses. They then send scam tokens to victims in the hope of manipulating transaction history. When users try to interact with familiar addresses, they may accidentally conduct transactions with fake addresses.
Disclaimer
follow trust project BeInCrypto is committed to fair and transparent reporting. This news article is designed to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on the content of this article. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
