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$46.86 Million Stolen in Crypto From Scams in February: Report

In February 2024, Scam Sniffer, a leading anti-scam solution provider in the Web3 space, revealed a concerning trend: a staggering $46.86 million in cryptocurrency losses due to scams.

Their report highlighted that over 57,000 individuals fell victim to a variety of phishing schemes. Interestingly, the data indicated a significant decrease of 75% in the number of victims losing over $1 million compared to January.

Ethereum’s mainnet bore the brunt of these exploits, accounting for over $36.2 million, representing 78% of the total losses for the month. Among the victims, Ethereum blockchain users were hit the hardest, with 25,029 individuals affected.

What’s striking is the sharp increase in single-day losses, particularly on February 15, where more than $6.2 million worth of digital assets vanished. Despite the decrease in high-value victimizations, this spike underscores the persistent threat posed by cryptocurrency scams.

Additionally, Scam Sniffer emphasized that Ethereum-based ERC tokens were severely impacted, accounting for $40 million of the stolen assets, which constituted a significant 86% of the total losses.

The majority of these thefts involving ERC20 tokens occurred due to malicious activities like signing phishing signatures such as Permit, IncreaseAllowance, and Uniswap Permit2.

Another recent report on crypto losses from Immunefi revealed that Ethereum experienced the highest number of individual attacks, with 12 incidents comprising a substantial 85.71% of the total losses across targeted chains.

Major Crypto Scams in February

As previously reported, web3 gaming platform PlayDapp fell victim to a major security breach on February 10th, resulting in cumulative losses exceeding $290 million.

The breach appeared to stem from a private-key leak, leading to the unauthorized issuance of PLA tokens, which PlayDapp confirmed as part of the hack.

Another notable incident in February involved a notorious crypto heist on the decentralized exchange FixedFloat. This breach led to the theft of 409 Bitcoin (with an approximate value of $21.3 million) and 1700 ETH (equating to around $4.9 million).

FixedFloat informed that the attack was not perpetrated internally but rather attributed it to “flaws” and “insufficient protection” in the exchange’s infrastructure.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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