The victims of the toxic scams have been exposed to voluntarily sending more than $ 1.2 million worth of funds to scammers, showing a problem increasing cryptocurrency phishing attacks.
Address of poisoning, or Wallet poisoninginvolves tricks with victims of sending their digital assets to fraudulent addresses belonging to scammers.
Ethereum’s pork killing schemes are worth the crypto industry of more than $ 1.2 million worth of funds in nearly three weeks since the beginning of the month, onchain security firm Cyvers wrote on a March 19 x x Post:
“Attacks send small transactions to the victims, mimicking their frequently used purse addresses.
Source: Cyvers alerts
Poisoning with scams has grown, since the beginning of the year, worth the industry of more than $ 1.8 million in February, according to Deddy Lavid, co-founder and CEO of Cyvers.
The growing sophistication of the attacks and the lack of pre-transaction security measures are some of the main reasons for the increase, the CEO told cointelegraph, addition:
“Many more users and institutions use automatic tools for crypto transactions, some of which may not have verification mechanisms to detect poisonous addresses.”
While higher transaction volume due to the Crypto Bull market is a contributing factor, pre-transaction verification methods can stop a significant amount of phishing attack, Lavid said, increasing:
“Unlike the traditional discovery of fraud, many wallets and plats lack real-time pre-transaction screening that can flag suspicious addresses before funding is shipped.”
Related: August detects a 215% increase in crypto phishing, $ 55m lost to single attack
Scams poisoning has previously been worth the investors of millions. In May 2024, an investor Sending $ 71 million worth of Bitcoin wrapped In a wallet address bait, it was victimized by a scam toxic wallet. The scammer created a wallet address with similar alphanumeric characters and made a small transaction into the victim’s account.
However, the Attacker returned $ 71 million Days later, after he had an unexpected heart change due to growing attention from blockchain investigators.
Related: Ledger users who are targeting malicious ‘clearly signing’ phishing email
Phishing scams are a growing problem for the crypto industry
Phishing scams are becoming a growing threat to the crypto industry, next to traditional hacks.
Pigcering scams are another type of phishing scheme involving long and complex manipulation tactics to deceive investors in voluntary transmission of their ownership of fraudulent crypto addresses.
Pig Butchering Schemes In the Ethereum network it costs the industry more than $ 5.5 billion over 200,000 determined cases in 2024, according to Cyvers.
The average arrangement period for victims lasts between one and two weeks in 35% of cases, while 10% of scams involve periods of arrangement for up to three months, according to cyvers data.
Pork victim statistics and periods of arrangement. Source: Cyvers
In a worrying sign, 75% of victims lost half of their net worth pork scams. Men aged 30 to 49 are most affected by these attacks.
Phishing scams are the leading security in crypto Threat of 2024.
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