H1 2024- Crypto Scammers Stole Nearly $60m

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Hey folks.

Over $300 have been made across EVM chains by Phishing scammers targeting around 260,000 victims, according to data compiled by Scam Sniffer.

For phishing scammers, the first half of the year 2024 was yet another profitable period as they stole $314 million worth of crypto assets which marks a 6.44% increase in comparison to 2023, the data shows.

The company revealed in an X thread that of the total, almost $58 million in cryptocurrency was taken from 20 victims by itself. One of the victims lost $11 million, making them the second-largest theft victim in cryptocurrency history. According to Scam Sniffer, con artists usually use phishing signatures to take advantage of victims and take control of their assets without obtaining additional authorization.

Victims often are attracted through phishing comments from impersonated accounts on X (formerly known as Twitter). They are duped into completing what appear to be authentic transactions from their non-custodial wallets once they are on the phishing website, which grants them illegal access to funds.

SlowMist, the parent company of Scam Sniffer, earlier in July reported freezing approx $20.66 million in stolen assets across thirteen platforms in quarter 2, underlining leakage of the private key, phishing, and fraud as big vulnerabilities in the market.

Meanwhile, according to the most recent research by Bitget, crypto fraud related to deepfake has resulted in $79.1 billion in losses since the year 2022 with a startling growth of 245% in 2024 alone.

This suggests that a new threat is showing in the crypto space. The exchange warns that quarterly losses from deepfake use could reach "around $10 billion by 2025," despite worldwide attempts to tackle this issue. Additionally, Bitget projects that losses from these kinds of crimes will probably total $25.13 billion by the end of 2024.

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