August sees $63m lost in crypto phishing despite fewer victims: Scam Sniffer

In August, crypto phishing scams caused 9,145 victims to lose $63 million, with stolen funds increasing by 215% despite a 34% decrease in the number of victims.

According to data from Scam Sniffer, crypto phishing scams in August resulted in significant financial losses, with $63 million stolen from 9,145 victims. In an X thread on September 3, analysts noted that this figure represented a striking 215% increase in stolen funds compared to July, although the number of victims decreased by 34%.

🚨 [1/7] ScamSniffer’s August Phishing Report
In August, approximately 9,145 victims lost approximately $63 million to crypto phishing scams 😱🔒.
While the number of victims decreased by 34 percent compared to July, the amount stolen increased by 215 percent. pic.twitter.com/lm3dCtBQVH

— Fraud Sniffer | Web3 Anti-Fraud (@realScamSniffer) September 3, 2024

The sharp increase in phishing-related losses is part of a broader trend of increasing crypto theft amid market uncertainty. As blockchain security firm PeckShield previously noted, the crypto ecosystem lost a staggering $313.86 million in August across more than 10 separate attacks, with phishing attacks alone accounting for more than $293 million of that total.

This figure represents an 18% increase in crypto assets lost to fraud compared to July, according to PeckShield. The biggest incidents include one whale losing $238 million in Bitcoin (BTC) to a phishing attack and another whale losing more than $55 million (DAI).

The Scam Sniffer report also highlights a decrease in fake accounts on social media platform X (formerly Twitter), which the platform attributes to its recent efforts to combat scams. Despite this progress, phishing attacks are becoming increasingly sophisticated, highlighting the need for improved security measures and user awareness.

Scam Sniffer analysts emphasized the importance of being vigilant in the face of these growing threats, advising users to carefully review transactions and stay informed about potential phishing schemes as malicious actors develop new tactics and increasingly sophisticated methods to exploit vulnerabilities.