TL;DR
- Cryptocurrency users lost $9.38 million in November, a 53% decrease from October, but 9,208 individuals were still affected by scams and attacks.
- Major incidents included a $661,000 malicious signature attack, a $409,000 WBTC theft on Arbitrum, and a $344,000 FET exploitation through Uniswap Permit2.
- Despite decreasing total losses, the high number of victims highlights the need for vigilance and robust security practices against evolving crypto threats.
Scam Sniffer, a blockchain security firm, revealed that cryptocurrency users suffered losses amounting to $9.38 million in November. This figure, while substantial, marks a significant 53% decrease from October’s $20.2 million and an even greater decline from September’s $45.8 million.
Despite the reduction in total losses, the number of victims remains alarmingly high, with 9,208 individuals affected by various scams and attacks.
🧵 [1/7] 🚨 ScamSniffer November Phishing Report
$9,380,000 STOLEN
9,208 VICTIMSNovember saw one victim lose $661K in stETH within minutes – and that's just the tip of the iceberg.
Let's dive into the dark side of Web3… 🧵 pic.twitter.com/HDyBGh5tPj
— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) December 3, 2024
Major Incidents and Sophisticated Attacks
The report highlights several major incidents that contributed to the total losses. One of the most significant was a malicious signature attack that resulted in a single victim losing $661,000 in stETH within minutes.
Other notable incidents included a $409,000 theft of WBTC on the Arbitrum network, a $344,000 exploitation of FET through Uniswap Permit2, and a $220,000 direct transfer attack involving USDT.
Scam Sniffer’s findings underscore the sophisticated nature of these attacks, which continue to evolve despite ongoing efforts by blockchain security firms and law enforcement agencies to combat them.
The transition from Inferno Drainer to Angel Drainer, as noted in the report, exemplifies the “hydra-like” nature of crypto threats, where new attack vectors quickly emerge to replace neutralized ones.
Broader Industry Impact and Trends
The broader industry data from Immunefi aligns with Scam Sniffer’s findings, reporting total losses of $71 million due to hacks and rug pulls in November 2024.
This represents a 79% decrease from the same period last year, suggesting that while large-scale attacks are becoming less successful, individual users remain vulnerable to sophisticated phishing attempts and signature-based exploits.
Scam Sniffer emphasizes the importance of critical security practices for users, advising them to never rush to sign transactions and to verify all signature requests. The platform warns that “one wrong signature equals an empty wallet,” highlighting the need for vigilance in the face of persistent threats.
While the decrease in monthly losses suggests improving security measures and growing awareness, the high victim count indicates that attackers continue to successfully target cryptocurrency users.
The contrast between falling total losses and steady victim numbers suggests a shift towards higher-frequency, lower-value targets. As the crypto landscape evolves, users must remain vigilant and adopt robust security practices to protect their assets.
