Phishing attacks by crypto wallet miners reached alarming levels in 2024, with an estimated $500 million stolen. Over 330,000 addresses were affected, showing the widespread impact on crypto users.
This represents a sharp 67% increase from 2023, highlighting the increasing sophistication of these malicious schemes, according to Scam Sniffer.
Ethereum Leads Crypto Phishing Losses as Attacks Evolve
The thefts occurred in distinct waves. The first quarter (Q1) of 2024 was the most damaging, with $187.2 million lost and 175,000 victims. March was particularly devastating, with $75.2 million in losses, making it the highest monthly figure of the year.
The second and third quarters (Q2 and Q3) together accounted for $257 million in losses from 90,000 addresses. A significant decrease in both the number of victims and total losses was seen in Q4, with $51 million stolen from 30,000 victims. This decrease indicates improvements in user awareness and security measures toward the end of the year.
Large-scale thefts remained a significant problem, with 30 incidents exceeding $1 million each, totaling $171 million. The first half of the year mainly involved small-scale thefts ranging from $1 million to $8 million per incident.
However, the second half saw larger attacks, with August and September seeing significant losses of $55 million and $32 million, respectively. These two months alone contributed to more than half of the year’s total of large-scale incidents.
Ethereum suffered the biggest losses, followed by Arbitrum, Base, Blast, and BNB Chain. In terms of targeted assets, staking and re-staking tokens were most affected, followed by stablecoins, Aave as collateral, and yield-bearing assets Pendle.
Meanwhile, the wallet draining landscape has been evolving throughout the year. In the first half of 2024, three major players — Angel, Pink, and Inferno — have dominated the scene.
Angel led with 41% of the market, while Pink and Inferno held 28% and 22%, respectively. In May, Pink exited the market, leaving Angel and Inferno to compete for dominance. By Q4, Angel had acquired Inferno, signaling further consolidation in the space. At the same time, new players have emerged, adding complexity to the ecosystem.
The sharp rise in phishing attacks and wallet drains in 2024 underscores the importance of adopting strong security practices and educating users to mitigate risk in the ever-evolving cryptocurrency landscape.