ScamSniffer, a web3 cybersecurity firm with expertise in cryptocurrency scam detection, released its crypto Phishing Report for February, revealing a concerning situation regarding the growing number of crypto phishing scams. 

The report demonstrates a staggering loss for about 57,000 victims of up to $47 million monthly. Given the general decline, the amount of victims who lost more than one million dollars decreased by 75% in January. 

Dominance of Ethereum Mainnet
The greatest portion of the total theft sum, 78%, was associated with Ethereum mainnet thefts. The most significant assets in the theft were normally ERC20 tokens, which were responsible for 86% of the stolen funds.
The report enumerated notable threat is that the major funds stolen were due to users signing phishing signatures like permit, IncreaseAllowance and Uniswap Permit2, majorly in the loss of ERC20 tokens. These permission signatures allow the hackers to access the victim’s assets without his permission.
Twitter Impersonation Tactics
Most victims were trapped through phishing websites initiated by impersonated Twitter accounts to mislead and deceive. The social engineering principle used in this strategy is adopted by cybercriminals to exploit trust in social media and execute sophisticated phishing attacks.
The report also sheds light on the tactics of wallet drainers proposing safe or account abstraction wallets as token approvers to perform their phishing attacks seamlessly. 
Conclusion
The monthly phishing report by ScamSniffer in February is just like the cry for help. A report from the Block revealed that $104 million in crypto will be lost to phishing incidents within two months of 2024. This exposes a significant surge in phishing scams that the user must be aware of,As the days pass, cybercriminals evolve by using sophisticated tricks to lure people to scams.
#Write2Earn‬ #scammers. #ERC20 $ETH