Ethereum

Cryptocurrency

Dymension

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ERC20

Cryptocurrency investors are facing a new wave of threats as scammers target popular projects like Dymension (DYM), OpenSea, and more. According to a recent report by Web3 security firm Scam Sniffer, phishing attacks have surged, resulting in the loss of over $55 million in January alone. These crypto scams, often tied to <a href="https://coingape.com/glossary/airdrop/" target="_blank" rel="noopener noreferrer nofollow">airdrops</a> and project events, highlight the need for heightened vigilance within the crypto community.
<h2 id="crypto-scam-hackers-drain-55-million-in-january">Crypto Scam: Hackers Drain $55 Million In January</h2>
The Web3 security firm Scam Sniffer has sounded the alarm on a concerning trend in the <a href="https://coingape.com/glossary/cryptocurrency/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency</a> space: a surge in phishing attacks targeting projects across various <a href="https://coingape.com/blog/what-is-ethereum-virtual-machine-and-how-does-it-work/" target="_blank" rel="noopener noreferrer nofollow">Ethereum Virtual Machine (EVM)</a> chains. Notably, in January 2024, over $55 million was siphoned away through deceptive tactics, with the top 7 victims losing a staggering $17 million.
These scams, which often coincide with airdrops and other project activities, have affected approximately 40,000 individuals, underscoring the pervasive nature of the threat.
Meanwhile, the <a rel="noopener noreferrer nofollow" href="https://drops.scamsniffer.io/post/scamsniffer-report-over-55-million-stolen-due-to-crypto-phishing-in-january/" target="_blank">report</a> suggests that scammers have employed sophisticated tactics to deceive unsuspecting users, creating more than 11,000 phishing sites. Notably, these sites were used to impersonate well-known projects like <a href="https://coingape.com/top-reasons-why-dymension-dym-price-gained-100-more-steam-left/" target="_blank" rel="noopener noreferrer nofollow">Dymension (DYM)</a>, OpenSea, Manta Network, and others.
In addition, many of these fraudulent schemes rely on exploiting vulnerabilities in ERC20 Permit and increaseAllowance signatures, enticing victims to unknowingly authorize malicious transactions. The prevalence of such <a href="https://coingape.com/blog/how-to-spot-a-crypto-scam/" target="_blank" rel="noopener noreferrer nofollow">crypto scams</a> highlights the importance of exercising caution, especially during periods of heightened activity within the crypto community.
Also Read: <a href="https://coingape.com/binance-leads-fight-against-crypto-crime-with-interpol-partnership/" target="_blank" rel="noopener noreferrer nofollow">Binance Leads Fight Against Crypto Crime with INTERPOL Partnership</a>
<h2 id="a-detailed-look-into-the-fraudulent-schemes">A Detailed Look Into The Fraudulent Schemes</h2>
Delving deeper into the mechanics of these phishing attacks, Scam Sniffer’s detailed report reveals a troubling pattern. The majority of thefts occurred on the Ethereum mainnet, with other chains like Arbitrum, BNB, Optimism, and <a href="https://coingape.com/polygon-whales-accumulate-32-mln-matic-amid-gemini-listing-price-to-hit-1/" target="_blank" rel="noopener noreferrer nofollow">Polygon</a> also experiencing significant losses.
Notably, as mentioned earlier, phishing websites have become the primary vehicle for scammers to defraud unsuspecting users.
Meanwhile, these <a href="https://coingape.com/scam-alert-crypto-hackers-steal-12-mln-savm-link-usdt-op-tokens/" target="_blank" rel="noopener noreferrer nofollow">malicious websites</a>, often indistinguishable from legitimate platforms, impersonate reputable projects and employ deceptive tactics to lure victims into divulging sensitive information or authorizing fraudulent transactions. The use of Create2 to generate temporary addresses further complicates detection efforts, allowing fraudsters to cover their tracks and evade detection.
As the crypto landscape continues to evolve, staying informed and exercising caution remain paramount in safeguarding against such threats.
Also Read: <a href="https://coingape.com/xrp-whale-offloads-58-mln-tokens-as-price-nears-0-52-whats-happening/" target="_blank" rel="noopener noreferrer nofollow">XRP Whale Offloads 58 Mln Tokens As Price Nears $0.52, What’s Happening?</a>
The post <a href="https://coingape.com/crypto-scammers-drain-55-mln-targeting-dymension-dym-opensea/" rel="noopener noreferrer nofollow">Crypto Scam: Hackers Drain $55 Mln Targeting Dymension (DYM), OpenSea, &amp; Others</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Crypto Scam: Hackers Drain $55 Mln Targeting Dymension (DYM), OpenSea, & Others

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