Optimism

Analysts at Scam Sniffer say bad actors stole $55 million worth of crypto and created over 11,000 phishing websites in January alone. 
In <a href="https://x.com/realScamSniffer/status/1755855792933368250?s=20" target="_blank" rel="noreferrer noopener">an X thread</a> on Feb. 9, Scam Sniffer revealed a trend observed in January, noting a rise in phishing attacks coinciding with heightened activity within crypto communities following a series of <a href="https://crypto.news/tag/airdrop/" target="_blank" rel="noreferrer noopener">airdrops</a> in the previous month. 
<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">
 🚨 ScamSniffer's January Phishing Report 🚨 🧵 1/6 in January, over $55M was stolen in phishing scams across EVM chains. Top 7 victims lost $17M! <a href="https://t.co/Fq0tulYkVB" target="_blank">pic.twitter.com/Fq0tulYkVB</a>— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) <a href="https://twitter.com/realScamSniffer/status/1755855792933368250?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 9, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
According to the data, scammers created over 11,400 phishing websites in January, impersonating Manta Network, Frame, SatoshiVM, AltLayer, Dymension, zkSync, Pyth, <a href="https://crypto.news/tag/opensea/" target="_blank" rel="noreferrer noopener">OpenSea</a>, Optimism, Blast, and others. Apparently, their efforts paid off as cybercriminals pilfered nearly $55 million worth of crypto across <a href="https://crypto.news/tag/ethereum/" target="_blank" rel="noreferrer noopener">Ethereum</a> Virtual Machine-based networks, with the top seven victims losing $17 million. 
<blockquote class="wp-block-quote"> 
 “The majority of the thefts occurred on the Ethereum mainnet, followed by Arbitrum, BNB, Optimism, and Polygon.” 
 Scam Sniffer 
</blockquote> 
 You might also like: <a href="https://crypto.news/slowmist-reports-80-of-x-comments-related-to-phishing-software/"> SlowMist reports 80% of X comments related to phishing software </a> 
As per Scam Sniffer, a common method employed by hackers involved exploiting the ERC-20 Permit function, deceiving users into unwittingly transferring funds from their non-custodial wallets under the guise of legitimate operations. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="335" src="https://crypto.news/app/uploads/2024/02/haniosjdasid-1024x335.jpg" alt="Scammers pilfered $55m from 40k victims in January alone, data shows - 24" class="wp-image-14247002">
 <figcaption class="wp-element-caption">
 Total crypto victims in January 2024 | Source: Dune
 </figcaption>
</figure> 
Additionally, perpetrators increasingly leveraged the increaseAllowance function, enabling them to manipulate token allowances granted to malicious smart contracts. Many people fell for scams because cybercriminals were actively posting fake comments on X pretending to be real projects like <a href="https://crypto.news/tag/optimism/" target="_blank" rel="noreferrer noopener">Optimism</a> and zKSync, underscoring the persistent threat posed by fraudulent online presences. 
As crypto.news previously&nbsp;<a href="https://crypto.news/illicit-crypto-addresses-received-over-24b-in-2023-chainalysis-says/" target="_blank" rel="noreferrer noopener">reported</a>, illicit crypto addresses received over $24 billion worth of crypto in 2023, down from an estimated $39.6 billion in 2022. According to Chainalysis data, there has been a transition in the types of assets involved in crypto crime, with stablecoins now constituting the majority of illicit transaction volume. 
 Read more: <a href="https://crypto.news/crypto-hackers-managed-to-steal-2b-in-2023/"> Crypto hackers managed to steal $2b in 2023 </a>

Scammers pilfered $55m from 40k victims in January alone, data shows

crypto.news

Other articles published on Feb 9, 2024

Bitcoin shorts should brace to ‘get squeezed’ as BTC price eyes $50K

Dogecoin (DOGE) Whale Sells 100 Million Coins — Mollars Token Wins Domain Dispute

Bonk, THORChain record double-digit price surges as Bitcoin charges past $47k

Price Analysis: Bittensor (TAO) Price Increased More Than 10% Within 24 Hours

Udao Price Prediction: Reskilling in the Web 3.0 Future

Bitcoin Pre-Halving Rally Begins Now: Some Believe BTC Price May Reach $50,000 This Month

Join our free newsletter for daily crypto updates!