Pendle

Uniswap

Yield

ERC20

Rise

The post <a href="https://coinpedia.org/news/zachxbts-intervention-halts-a-6-figure-scam-amidst-the-rise-of-crypto-phishing-attacks/">Zachxbt’s Intervention Halts a 6-Figure Scam Amidst the Rise of Crypto Phishing Attacks</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
The infamous on-chain sleuth, Zachxbt has been making news due to his rapid response to crypto phishing scams that prevented crypto from falling into the wrong hands.&nbsp; 
Zachxbt in his x post<a href="https://twitter.com/zachxbt/status/1777167996160524324"> revealed</a> that he averted a phishing attack that caused a theft of six figures from a victim. The attacker was a customer of a popular draining service but in the end, Zachxbt and the team worked together and blacklisted the phishing scammer, thus stopping the dump of the DSYNC token on innocent holders. 
<h2 class="wp-block-heading" id="h-crypto-phishing-scams-reach-the-peak-over-71-million-stolen">Crypto phishing scams reach the peak, over $71 million stolen</h2> 
In the recent<a href="https://twitter.com/realScamSniffer/status/1774963909763674180"> ScamSniffer report</a>, a leading scam detection service, crypto phishing scams reached $71 million in March and that reflected a 50% increase as compared to the stolen funds in February. During the first quarter of 2024, the total phishing losses amounted to $173 million, presenting the growing problem that users of cryptocurrency face. 
The report discloses that in most cases more than 90% of the stolen assets are the ERC20 tokens with Pendle Yield tokens being most targeted in recent phishing attempts. For example, Permit, IncreaseAllowance, and Uniswap Permit2 signatures are often manipulated to achieve that objective. 
With the help of ZachXBT, the exploitation of crypto holders was stopped during the attack ensuring the blacklisting of the phishing scammer and this led to the quick refreezing of $4.2 million worth of stolen $ALI tokens. 
Also Read Same Incident: <a href="https://coinpedia.org/news/hacker-involved-in-320-million-wormhole-exploit-eligible-for-airdrop/">Wormhold Airdrop Almost Rewards Bridge Hacker Involved in $320 Million Exploit</a> 
<h2 class="wp-block-heading" id="h-twitter-impersonation-takes-up-the-platform">Twitter impersonation takes up the platform</h2> 
<a href="https://dune.com/scam-sniffer/march-2024-scam-sniffer-phishing-report">The report, </a>although striving to fight phishing scams, pinpoints the use of fake Twitter accounts as a major tool for fraudsters. These accounts pretend to be where real projects and influencers are and they post fake comments to attract partners in fraudulent schemes.&nbsp; 
ScamSniffer detected up to 1517 fake accounts in the past two weeks revealing the immensity of the challenge facing the whole crypto community. 
While the cryptocurrency industry is constantly improving and developing, staying vigilant and taking active measures are certainly the key to protecting people’s digital assets from phishing scams and other malicious activities.&nbsp; 
It is the shared work of influencers such as Zachxbt and platforms like ScamSniffer that help to assure the investors’ abilities and safeguard the crypto exchange. Be informed and be alert to protect your crypto assets from phishing attacks or activities of illicit actors.&nbsp; 
Also Check Out This : <a href="https://coinpedia.org/news/onecoins-ex-legal-advisor-receives-four-years-in-prison-for-4-multi-billion-crypto-scam/">Ex-OneCoin Lawyer Jailed for 4 Years for Laundering in $4 Billion Crypto Scam</a>

Zachxbt’s Intervention Halts a 6-Figure Scam Amidst the Rise of Crypto Phishing Attacks

Table of Contents

CoinPedia News

Other articles published on Apr 8, 2024

1inch Launches Web3 Debit Card with Mastercard and Baanx

On-Chain Metrics Suggest Shiba Inu (SHIB) Price Is Set to Soar by 42%

How Precise Is The Prediction Of Ripple’s CEO On Crypto Market

3 reasons why Shiba Inu’s recent price action has everyone talking

HashKey Group Starts Crypto Exchange In Bermuda After Winning License

Bitcoin Price Prediction: BTC Soars 5% To Bust $72K As Anthony Scaramucci Sees $170K After The Bi...

Join our free newsletter for daily crypto updates!