In summary
Cryptocurrency phishing attacks in 2024 resulted in estimated losses of $500 million, affecting over 330,000 addresses.
Losses peaked in Q1 with $187 million stolen, while Ethereum and staking tokens were the most targeted assets.
These losses come amid the emergence and consolidation of “Wallet Drainer” malware providers, with Angel acquiring Inferno.
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“Wallet Drainer” malware phishing attacks have reached alarming levels in 2024, with an estimated $500 million stolen. Over 330,000 addresses have been affected, highlighting the widespread impact on cryptocurrency users.
This represents a staggering 67% increase compared to 2023, demonstrating the growing sophistication of these malicious schemes, according to Scam Sniffer.
Ethereum Leads in Phishing Attack Losses
The draining of funds occurred in waves. The first quarter (Q1) of 2024 saw the most significant damage, with $187.2 million lost and 175,000 victims reported. March was particularly brutal, recording $75.2 million in losses, the highest for the year
The second and third quarters (Q2 and Q3) recorded a combined $257 million lost from 90,000 addresses. A significant decline in both the number of victims and total losses was observed in the fourth quarter (Q4), with $51 million taken from 30,000 victims. This decrease suggests improved user awareness and security measures towards the end of the year.
Large-scale attacks remained a significant issue, with 30 incidents exceeding $1 million each, totaling $171 million. The first half of the year predominantly featured smaller attacks, ranging from $1 million to $8 million per incident.
However, the latter half of the year witnessed larger-scale attacks, with August and September recording $55 million and $32 million in losses, respectively. These two months alone contributed over half of the total losses from large-scale incidents throughout the year.
Ethereum suffered the most substantial losses, followed by Arbitrum, Base, Blast, and BNB Chain. In terms of targeted assets, staking and re-staking tokens were hit the hardest, followed by stablecoins, Aave collateral, and Pendle yield-bearing assets.
Meanwhile, the landscape of “Wallet Drainer” malware providers underwent significant changes throughout 2024. The first half of the year saw three major players—Angel, Pink, and Inferno—dominate the market.
In the crypto market, “Wallet Drainer” refers to a type of malware or scam designed to siphon assets from users’ wallets. These tools are often deployed through methods like phishing, malware, and fake DApps.
Angel led with a 41% market share, while Pink and Inferno held 28% and 22%, respectively. In May, Pink exited the market, leaving Angel and Inferno to compete for market share. By Q4, Angel had acquired Inferno, signaling further consolidation in this space. Meanwhile, new entrants emerged, adding complexity to the ecosystem.
The dramatic rise of phishing attacks and wallet drainers in 2024 underscores the importance of adopting robust security measures and educating users to mitigate risks in the ever-evolving cryptocurrency landscape.
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