According to information from Scam Sniffer, crypto hacking scams cost their victims a total of $63 million and affected 9,145 people. Even though the number of victims dropped by 34%, the amount of funds stolen rose by 215% compared to July.
This rise in losses due to phishing is part of an overall pattern of more cryptocurrency being stolen when the market is unsure.
A blockchain security company called PeckShield said that over 10 hacks in August caused the crypto ecosystem to lose a total of $313.86 million. Phishing attacks alone were responsible for over $293 million of this loss.
Rising Crypto Fraud Concerns
There were 18% more crypto funds lost to fraud in August than there were in July. A whale lost over $55 million in DAI and $238 million in Bitcoin to a phishing attack. These were two of the most important events.
The Scam Sniffer study also said that the number of fake accounts on social media platform X (formerly Twitter) had gone down.
This was because the platform has been working harder to stop fraud lately. However, the fact that phishing attacks are getting smarter shows how badly we need enhanced safeguards and more user awareness.
Scam Sniffer analysts stressed how important it is to be alert in the face of these growing threats. They told users to carefully review transactions and stay up to date on new phishing schemes because hackers are always coming up with new ways to take advantage of weaknesses.
