Crypto Security Alert: $127 Million Stolen in Q3 2024

Crypto Security Alert – Total Crypto Hacks Exceed $753 Million in Q3 2024: A Growing Concern

Crypto Security Alert – In the third quarter of 2024, investors lost over $127 million worth of cryptocurrencies, with approximately $46 million of that total stolen in September alone. This alarming trend highlights the growing risk of phishing attacks within the crypto space, according to findings from Web3 security firm Scam Sniffer.

Phishing Attacks: A Deep Dive

During September, around 10,800 victims fell prey to phishing scams. The most significant incident occurred on September 28, when a phishing attack utilizing a permit phishing signature resulted in the loss of 12,083 spWETH, valued at $32.43 million.

Phishing scams operate by tricking investors into linking their crypto wallets, such as MetaMask, to fraudulent websites. Once users link their wallets to these phishing sites, scammers can withdraw funds without any further authentication, making these attacks particularly insidious.

Targeting Ethereum Investors

Scam Sniffer reported that Ethereum (ETH) was the primary target for these phishing attacks. Other cryptocurrencies that suffered significant losses include Polygon (MATIC), BNB (BNB), and Optimism (OP).

In total, two major phishing incidents in Q3 2024 accounted for losses of $87 million. According to MistTrack, a crypto tracking and compliance platform, most phishing attempts occur through fake accounts on social media platforms like X (formerly Twitter), followed closely by Google phishing ads. Given the increasing frequency of these attacks, investors are urged to meticulously check website URLs and email addresses for any signs of fraud.

The Bigger Picture: Total Crypto Hacks in Q3 2024

Beyond phishing attacks, the total financial damage from all types of crypto hacks in Q3 2024 exceeded $753 million. According to a report by cybersecurity firm CertiK released on October 1, the overall losses surged by approximately 9.5%, spanning 155 incidents.

The Ethereum network again faced the brunt of these security breaches, with 86 hacks, scams, and exploits resulting in losses exceeding $387 million. Alarmingly, only 4.1% of stolen assets were recovered in this quarter, a significant drop from 14.4% in the previous quarter.