Crypto users lost $47 million in February due to phishing

According to a report from Scam Sniffer, more than 57,000 users fell victim to phishing attacks, losing a total of approximately $47 million in digital assets.
Most of the victims were deceived through phishing websites that were hidden in comments left by fake accounts on the social network X (formerly Twitter). We wrote in more detail about fraud under the guise of another identity in this article. According to the latest crypto-phishing report from our colleagues at Scam Sniffer, more than $46.8 million was lost last month alone.

Examples with fake accounts on social network X. Source: Scam Sniffer

It was found that the Ethereum network accounted for 78% of all thefts, and the main stolen asset was ERC-20 tokens, which were stolen in 86% of cases. It is noted that the majority of Ethereum token thefts were the result of phishing signatures and transaction approvals such as Permit, EnhanceAllowance and Uniswap Permit2.

What's particularly interesting is that many of those who steal funds from wallets themselves choose to use account abstraction wallets to validate tokens. Account abstraction provides additional capabilities and compatibility with smart contracts for Ethereum wallets.
Account abstraction is a method of setting up a blockchain network in which users' assets are stored solely in smart contracts rather than in external accounts.
February saw a decrease in the total amount of stolen assets compared to January, despite a higher number of victims. There has also been a significant reduction in the number of victims who lost more than $1 million.

Source: Dune Analytics.

Fraudsters often target social media accounts of famous people, sometimes responding to messages with fake accounts that imitate the original ones, or even hacking accounts to post phishing links.

In February, MicroStrategy's X account was the victim of a hack, resulting in the theft of approximately $440,000 in cryptocurrency.

Additionally, in recent months, crypto phishers have hacked the accounts of X such Compound Finance companies, Rocket Pool, Blockchain Capital and even Vitalik Buterin.

By the way, a recent US FBI report says that millennials are the most likely group of victims of investment fraud.
We at AML Crypto want to remind you not to trust any social media account that seems familiar to you, click on links without checking, or download and open any files without due diligence. We recommend that you perform an AML check of the crypto address in our solution Btrace of a well-known and not only person. The first AML check is free for every new user.

And if you do become a victim of crypto fraud or scam, then read this article and contact our specialists for blockchain investigation and return of stolen funds.
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