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Crypto Hack : Ethereum Hit Hardest by Phishing in 2024, with $152 Million in Losses
A recent report from Scam Sniffer has revealed that the decentralized financial system faced an unprecedented number of phishing attacks in 2024. The figure, which is alarming to say the least, shows a staggering rise in crypto hacks, with Ethereum being the hardest hit.
According to the report, phishing attacks have become increasingly sophisticated and cunning, with losses amounting to $494 million in total. This represents a whopping 67% increase from the previous year. While this news may come as no surprise to many experts in the blockchain industry, it highlights the pressing need for better security measures and awareness among users.
In 2024, Ethereum suffered the most significant attacks, with losses totaling a staggering $152 million. These heists were made possible by attackers exploiting wallet drainer malware and signature permissions. This has led to concerns about the potential impact on the decentralized finance (DeFi) sector.
The report reveals that the majority of these attacks took place during the first quarter, resulting in over $187 million in losses, with 175,000 users affected. The month of March was particularly troublesome, with a staggering $75.2 million lost due to phishing.
The report further highlights the creative methods employed by attackers, including the use of wallet normalization processes and exploiting full access signature permissions. One notable instance saw an attacker exploit a phishing signature like ‘Permit’ and ‘setOwner’, resulting in the theft of a massive $55 million USD worth of DAI.
Despite these concerning developments, there are glimmers of hope on the horizon. With increased awareness of the issue and advancements in security technology, it is expected that the decentralized finance sector will become more resilient to such attacks.
For developers, analysts, and users alike, this development offers a significant opportunity to transition the trick and safeguard decentralized financial systems.
Source: coinpedia.org
