In 2024, phishing attacks initiated by cryptocurrency wallet thieves reached staggering heights, with an estimated $500 million stolen. Over 330,000 addresses were affected, indicating widespread impact on cryptocurrency users.
According to Scam Sniffer's data, this figure has increased significantly by 67% compared to 2023, underscoring the growing complexity of these malicious schemes.
With the evolution of attacks, Ethereum ranks first in cryptocurrency phishing losses.
The thefts occurred in batches. The first quarter of 2024 (Q1) saw the most severe losses, totaling $187.2 million with 175,000 victims. March was particularly devastating, with losses reaching $75.2 million, marking the highest monthly figure for the year.
In the second and third quarters (Q2 and Q3), a total loss of $257 million was reported, involving 90,000 addresses. In the fourth quarter (Q4), both the number of victims and total losses significantly decreased, with a total of 30,000 victims losing $51 million. This reduction indicates an improvement in user awareness and security measures by the end of the year.
Massive theft remains a serious problem, with 30 incidents reported, each amounting to over $1 million, totaling $171 million. The first half of this year primarily involved smaller-scale thefts, with each incident ranging from $1 million to $8 million.
However, the scale of attacks was larger in the second half, with significant losses in August and September amounting to $55 million and $32 million, respectively, accounting for more than half of the total massive attack losses for the year.
Ethereum suffered the most significant losses, followed by Arbitrum, Base, Blast, and BNB Chain. In terms of targeted assets, staking and re-staking tokens were the most affected, followed by stablecoins, Aave collateral, and Pendle yield assets.
Meanwhile, the landscape of wallet consumers changed throughout the year. In the first half of 2024, the three major players—Angel, Pink, and Inferno—dominated.
Angel leads with a 41% market share, while Pink and Inferno have 28% and 22%, respectively. In May, Pink exited the market, and Angel and Inferno competed for dominance. By the fourth quarter, Angel acquired Inferno, marking further consolidation in the field. Meanwhile, new entrants emerged, increasing the complexity of the ecosystem.
A sharp increase in phishing attacks and wallet thefts in 2024 highlights the importance of adopting robust security measures and educating users to reduce risks in the evolving crypto environment.