In 2024, scammers stole an alarming $494 million in cryptocurrency through wallet drainer attacks, impacting over 300,000 wallet addresses. This represents a 67% increase from 2023, with fewer victims but higher average amounts lost. Notably, large-scale thefts exceeded $1 million each, with the biggest hitting $55.4 million early in the year. Ethereum was the most targeted platform, accounting for 85.3% of losses. Attackers increasingly used fake CAPTCHA, Google Ads, and compromised accounts to lure victims to phishing sites. To stay safe, users are advised to only interact with trusted sites, double-check URLs, and be vigilant about transaction approvals. Utilizing built-in wallet warnings and token revocation tools can also help prevent losses.
In 2024, the world of cryptocurrency witnessed alarming increases in scams, with nearly $494 million stolen through wallet drainer attacks, targeting over 300,000 wallet addresses. This represents a staggering 67% increase compared to the previous year. Interestingly, while the number of victims climbed only by 3.7%, this suggests that those affected were holding larger amounts of cryptocurrency.
According to Scam Sniffer, a web3 anti-scam platform, these wallet drainers function as phishing tools aimed specifically at stealing digital assets from users’ wallets. They often operate through fake or compromised websites. During the year, Scam Sniffer recorded 30 significant thefts, each exceeding $1 million, with the most substantial single heist of $55.4 million occurring early in 2024 amid rising Bitcoin prices.
Despite a dip in phishing activity after the exit of a notorious drainer service named Pink Drainer, scams surged again in the latter half of the year, notably led by the Inferno service, which racked up $110 million in losses during August and September. As the year came to a close, wallet drainer activity decreased, accounting for only 10.3% of total losses in 2024, with Acedrainer emerging as a dominant player in the Market.
The majority of these losses—around 85.3%—took place on the Ethereum network, heavily targeting staking and stablecoins as preferred assets. Scam Sniffer’s research also highlighted evolving tactics among scammers, such as the use of fake CAPTCHA pages, Google Ads, and social media platforms for promoting phishing websites.
To combat these escalating threats in the cryptocurrency realm, users should prioritize safety by engaging only with verified websites, carefully scrutinizing URLs, and reading transaction approval requests before proceeding. Utilizing built-in wallet warnings and token revocation tools can also significantly enhance security against such cyber-attacks.
Stay vigilant and informed to protect your cryptocurrency assets from potential scams.
Tags: Cryptocurrency, Wallet Drainer Attacks, Scam Sniffer, Phishing, Ethereum, Cybersecurity, Digital Assets, Crypto Safety
What happened with the cryptocurrency wallet drainers in 2024?
In 2024, criminals used software to drain $494 million from cryptocurrency wallets. They exploited weak security in wallets to steal money quickly without being caught.
How do wallet drainers steal money?
Wallet drainers typically use phishing attacks, where they trick users into giving away their private keys or passwords. They might also install malware on devices to access wallets directly.
What can I do to protect my cryptocurrency?
To keep your crypto safe, use strong passwords, enable two-factor authentication, and avoid clicking on suspicious links. Always keep your software updated and consider using a hardware wallet for added security.
What should I do if my wallet is drained?
If your wallet has been drained, immediately contact your wallet provider and report the theft. There isn’t much chance of recovery, but it’s important to secure your other accounts and change your passwords.
Are there any consequences for these criminals?
Law enforcement agencies are actively investigating these crimes, but catching and prosecuting cybercriminals can be very challenging. Many times, money is hard to trace once it is stolen.