Ethereum Under Fire! $152 Million Lost in 2024 Crypto Phishing Attacks
In 2024, the Web3 space faced a relentless wave of phishing attacks, resulting in losses of up to $494 million. according to Scam Sniffer’s 2024 Phishing Reportwhich is a 67% increase from last year. Wallet drain malware is becoming increasingly sophisticated, creating new risks for users in the decentralized world.
While the number of victims only grew by 3.7%, the cost per attack increased dramatically. The largest single loss of the year reached US$55.48 million, which shows that the threat is increasing day by day and the financial risk is serious.
Ethereum bore the brunt, with 25 major incidents resulting in $152 million in losses. Other blockchains, including Arbitrum, Blast, Base and BNB Chain, have also been targeted, but none have faced exploitation on the same scale as Ethereum.
Timetable of attack
Losses were highest in the first quarter of 2024, totaling $187.2 million, affecting 175,000 victims. The losses were particularly severe in March, when $75.2 million was stolen, in part due to increased on-chain activity due to rising Bitcoin prices.
Phishing attacks peaked in the second and third quarters of 2024. Loss amounted to US$55.48 million in August and US$32.51 million in September. Losses in these two months accounted for more than half of the large losses throughout the year.
In the final quarter of the year, losses fell to $51 million due to tightened security measures and growing awareness of phishing risks among users and projects.
The evolution of wallet churn strategies
In particular, wallet churn strategies have changed a lot in 2024. This has also led to the emergence of large networks like Pink disappear In the second quarter of this year, Inferno ended the year with a 45% market share.
Attackers have also learned new tricks to bypass defenses. Use the wallet to standardize processes and take advantage of additional full access signing rights. Phishing signatures such as “Permit” and “setOwner” are often seen used to commit other concentrated cyber thefts, the largest of which resulted in the loss of $55 million in DAI.
Is there hope ahead?
While 2024 is fraught with difficulties, the year also highlights the potential for improved safety technology. With better security practices and more awareness, the future of Web3 promises to be even more secure. Developers, security analysts, and users need to collaborate to stay ahead of evolving threats and protect decentralized finance.
