Phishing Attacks in October Cost Thousands of Victims $20 Million
ScamSniffer reported that in October 2024, more than 12,000 victims lost $20.2 million due to cryptophishing attacks. This represents a 56% decrease in the amount stolen compared to the previous month, but at the same time, the number of victims rose by 20%.
Declining Trend in Phishing Losses Throughout 2024
Despite the slight drop, the volume of funds lost to phishing in October is one of the lowest in 2024, with only July seeing less theft, when $19 million was lost. According to ScamSniffer, Ethereum remains the primary target for these scams, with over $10.4 million stolen from the network. Other affected networks include Blast ($5.9 million), Arbitrum ($1.84 million), Avalanche ($762,763), and Polygon ($722,083).
Largest Loss of the Month: User Loses $6 Million
The largest phishing theft in October involved a user holding 15,079 fwDETH tokens on the Blast network, initially valued at $35 million. However, due to low liquidity, the token value dropped to $5.87 million, limiting the attacker's profits. The sale of DETH tokens also impacted PAC Finance and Orbit Finance protocols.
Other Major Attacks Include Thefts on Uniswap and Aave
Phishing signatures were responsible for additional thefts, including $2.3 million in sDAI on Aave Ethereum, $1 million in assets via Uniswap Permit2, and $1.6 million on Arbitrum. The compromise of the EigenLayer account on X led to one user losing $800,000 after clicking a phishing link.
Phishing Attacks Lead to Over $400 Million in Losses in 2024
While October’s stolen amount was lower, phishing attacks throughout 2024 have reached record highs. ScamSniffer notes that $295 million was stolen in 2023, while in the first half of 2024 alone, the total reached $314 million. The total phishing losses for 2024 now stand at $462 million, reflecting the growing activity of phishing scammers.
Phishing Becomes Lucrative Business with Increasing Sophistication
As security firms improve their technology, scammers adapt and enhance their techniques. Phishing-as-a-Service (DaaS) allows them to easily rent technical tools for scams. Some notorious services, like Inferno Drainer, even transferred their operations to other scammers. User carelessness, such as clicking on suspicious links, also contributes to the increasing number of phishing victims.
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