Ethereum

Pendle

2024

In the first half of 2024, cryptocurrency scams on Ethereum Virtual Machines (EVM) chains resulted in $314 million in losses, as per a latest report published by Scam Sniffer, a blockchain research firm. 
As per the report, the H1 2024 data showed a 6.44% increase in losses due to scams when compared to the same period in 2023. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 🧵 [1/8] 🚨 ScamSniffer Mid-Year Phishing Report 🚨 In H1 2024, 260k victims lost $314M across EVM chains. 😱 20 people lost over $1M each, totaling $58M. Compared to $295M stolen last year, this year hit that in just 6 months! 📈 <a href="https://t.co/S1X3p3Ujj0" target="_blank">pic.twitter.com/S1X3p3Ujj0</a>— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) <a href="https://twitter.com/realScamSniffer/status/1809089851859611908?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 5, 2024</a>
 </blockquote> 
 </div>
</figure> 
The report further stated that out of the total stolen funds, $58 million were lost by a total 20 victims. Among them, the single biggest heist was against a person who lost $11 million through a lone attack. As per researchers, the alleged scammers used common phishing signatures such as Permit, IncreaseAllowance, and Uniswap Permit2, which let them gain full control of victims’ funds without asking for more permissions. 
The most significant thefts involved assets in staking, restaking, Aave collateral, and Pendle tokens. Phishing comments from impersonated accounts on social media platforms like X lured victims to fraudulent sites. Once on these sites, victims were tricked into making seemingly legitimate transactions from their non-custodial wallets, resulting in unauthorized fund access. 
Scam Sniffer’s parent company, SlowMist, <a href="https://slowmist.medium.com/slowmist-2024-q2-misttrack-stolen-funds-analysis-a95a893cf125" target="_blank" rel="noopener">reported</a> freezing approximately $20.66 million in stolen funds across 13 platforms during Q2 2024.&nbsp;&nbsp; 
Bitget, a cryptocurrency exchange, <a href="https://www.bitget.com/blog/articles/bitget-research-deepfake-report-2024-press-release" target="_blank" rel="noopener">reported</a> an alarming increase in deepfake-related crypto fraud. Losses from these scams have exceeded $79.1 billion since 2022, with a 245% increase in 2024 alone. Bitget warns that quarterly losses from deepfake use could reach $10 billion by 2025, predicting that 2024 will conclude with $25.13 billion in losses from such crimes. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/23/btcturk-exchange-hit-by-cyberattack-binance-freezes-5-3m-of-stolen-token/">BtcTurk Exchange Hit by Cyberattack, Binance Freezes $5.3m of Stolen Token</a> 
</blockquote>

Crypto Scams on EVM Chains Amount to $314M in H1 2024

The Crypto Times

Other articles published on Jul 6, 2024

Inflows to US spot Bitcoin ETFs spike $143.1m, investors buy dip

JPMorgan Predicts Interest Rate Trends

MoonBag Becomes the Top Crypto Presale as Render and Ripple Face Major Downfall

Terra Luna Classic Staking Ratio Hits 15% With 1T LUNC Staked

Analysts Recommend Keeping an Eye on These 5 Altcoins as Bitcoin Touches $54k

Top Three Altcoins To Buy Next Week

Join our free newsletter for daily crypto updates!