Rising exceptional threats for cryptocurrency users


The Rise of Phishing Scams in March 2024 – a Risk for Cryptocurrency Users

March 2024 turned out to be a month of significant growth in phishing scams in the world of cryptocurrencies, affecting both Ethereum Layer 2 Base and Binance’s BNB Chain. According to available data, scammers managed to steal around $71.5 million, with a notable $3.35 million attributed to Ethereum Layer 2 Base. The number of victims of such attacks reaches 77,529, serving as a serious warning to the cryptocurrency community.

Phishing Attacks on Cryptocurrency Chains

It is worth noting that phishing attacks based on fake links and X accounts remain one of the primary tactics used by scammers. In March alone, over 1500 phishing incidents were detected, posing a significant challenge to the security of cryptocurrency transactions.

The Surge in Memecoin Popularity and Phishing Risk

An interesting phenomenon is the noticeable increase in phishing scams on Ethereum Layer 2 Base during a period of heightened interest in memecoins on the chain supported by Coinbase. The locked value on Base exceeded $3.2 billion, marking an impressive 370% increase in 2024 according to data from L2BEAT. This clearly indicates the need for additional measures to secure cryptocurrency transactions.

Recovered Funds and Hacking Attacks

Although the $71.5 million stolen due to phishing attacks may raise concerns, a positive sign is the recovery of over $98.8 million in March. The vast majority of this sum came from utilizing the $97 million Munchibles exploit, demonstrating that actions to protect cryptocurrency funds can be effective.

Escalating Threats for Cryptocurrency Users

It is crucial to highlight that in the face of rising phishing scams, the “SEAL 911 White Hat Team” initiative has been established to effectively combat cryptocurrency theft in real-time. This is an important step in defending the interests of cryptocurrency users and raising awareness of security in the digital environment.

In conclusion, the increase in phishing scams in March 2024 poses a challenge for the cryptocurrency community, yet preventive and reactive measures allow for effective protection of user funds.