In 2023, the crypto world witnessed a staggering surge in phishing scams, with over 324,000 cryptocurrency users falling prey to these fraudulent schemes.
According to the “2023 Wallet Drainers Report” by Scam Sniffer, a blockchain security platform, the total digital asset losses due to these scams reached an alarming $295 million.
The report shed light on the persistent growth of phishing activities throughout the year, signaling a dire need for enhanced security measures within the crypto community.
Disturbingly, even when notorious drainers shut down, so-called “phishing gangs” promptly relocate their operations, as there appears to be an abundance of platforms catering to these malicious endeavors.
On March 2, a notorious player in the crypto phishing world, Monkey Drainer, responsible for orchestrating high-profile phishing exploits, decided to cease its illicit operations.
However, rather than exiting quietly, Monkey Drainer recommended an alternative scam service to its criminal clientele.
Scam Sniffer’s estimates reveal that Monkey Drainer managed to pilfer approximately $16 million in digital assets before its shutdown.
Likewise, Inferno Drainer, another infamous player in the crypto phishing scene, also closed its doors in 2023, having successfully absconded with around $81 million in digital assets.
According to Scam Sniffer’s findings, Angel Drainer seems to have assumed the mantle of leadership in this nefarious realm after Inferno Drainer’s departure.
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In a bid to understand how these phishing sites attract unsuspecting victims, Scam Sniffer delved into the tactics employed by crypto thieves.
One prevalent method involves infiltrating official project Discord and X (formerly Twitter) accounts, subsequently disseminating phishing links through posts on these platforms.
Phishing websites further bolster their visibility by orchestrating fake airdrops of crypto assets or nonfungible tokens (NFTs).
Additionally, they exploit expired Discord links and inundate X with spam comments and mentions, creating an illusion of legitimacy.
To compound the problem, scammers have managed to circumvent advertising guidelines imposed by Google and X.
Scam Sniffer reported that phishing websites have successfully published paid Google Search and Twitter ads, further perpetuating the widespread deception.
In light of these alarming trends, the crypto community faces an urgent imperative to heighten awareness, bolster security protocols, and remain vigilant against the persistent and evolving threat of phishing scams that continue to plague the digital asset landscape.
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