Breaking News: Over $66M Stolen in August’s Crypto Phishing Attacks

Scam Sniffer Reports: August Crypto Phishing Attacks Lead to $66 Million in Losses

Cybercriminals use crypto phishing attacks to trick victims into clicking on phony links that allow them to steal private keys to cryptocurrency wallets and other sensitive data. August saw a sharp increase in cryptocurrency phishing assaults of over 215%, mostly due to a single, high-profile incident that cost more than $55 million in losses. According to an X post by Scam Sniffer, the sector lost over $66 million to cryptocurrency phishing assaults in August.

In August, around 9,145 victims lost about $63 million to crypto phishing scams in August. While the number of victims dropped by 34% from July, the stolen amount surged by 215%.

Scam Sniffer

DeFi Phishing Attack Costs Holder $55M in Dai Stablecoins After Ownership Change

In the cryptocurrency industry, phishing assaults are growing more frequent. This year’s most prominent phishing attack cost a trader $71 million in cryptocurrency in May. 99% of the trader’s cash was sent to the attacker’s address using deception.

Around $55 million worth of large-scale phishing attacks was responsible for the majority of August’s value theft. In the decentralized finance (DeFi) system Maker, a regrettable cryptocurrency holder signed a transaction on August 20th, changing ownership of 55.47 million Dai. The wallet’s stablecoins could now be possessed by a phishing address due to this signature. Upon understanding the error, the holder tried to swiftly withdraw the cash, but the transaction was unsuccessful because the owner change had already taken place.

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