Scam Sniffer: Hackers stole $55 million worth of cryptocurrency in a month

According to a recent report by Scam Sniffer analysts, the month of January 2024 saw a staggering rise in phishing attacks, with hackers creating over 11,000 fraudulent resources and successfully absconding with approximately $55 million worth of cryptocurrencies.

Interestingly, the majority of these thefts took place on popular networks such as Ethereum, Arbitrum, BNB, Optimism, and Polуgon. It appears that the surge in phishing attempts correlates with the distribution of virtual assets through free giveaways, as highlighted by the experts at Scam Sniffer.

The impostors masqueraded as representatives of esteemed projects like Manta Network, Frame, SatoshiVM, AltLauer, Dumension, zkSнc, Puth, and OpenSea. Exploiting the ERC-20 resolution function, the unidentified individuals cunningly tricked participants of various crypto ventures into unwittingly transferring funds from their non-custodial wallets to hacker-controlled addresses.

Compounding the issue, cybercriminals are increasingly utilizing the Create2 function in order to create temporary addresses, thereby maintaining their anonymity and evading detection.

This worrisome trend follows the previous findings of Hacken experts, who reported a total loss of nearly $1.9 billion due to cybersecurity breaches and fraud incidents within the crypto industry in 2023.