OpenSea & Dymension (DYM) Hit In $55M Crypto

Investors in cryptocurrencies encounter a fresh surge of threats as fraudsters focus on well-known projects such as Dimension (DYM) and OpenSea. A recent disclosure from the Web3 security company, Scam Sniffer, reveals a significant uptick in phishing attacks, leading to a staggering loss exceeding $55 million in January alone.

These fraudulent activities in the crypto space, frequently associated with airdrops and project-related events, underscore the imperative for increased awareness and caution among the cryptocurrency community.

Web3 security firm Scam Sniffer flags rise in phishing attacks on EVM chains. In January 2024, crooks stole over $55 million, with the top 7 victims losing $17 million.

These fraudulent schemes, frequently aligning with airdrops and various project engagements, have impacted around 40,000 individuals, highlighting the widespread nature of the danger.

In the survey, scammers made over 11,000 fake websites to deceive unsuspecting people. They used clever tactics to trick consumers. These websites posed as well-known initiatives like OpenSea, Manta Network, and Dimension (DYM).

Phishing On The Rise: Protect Your Crypto

Many scams exploit ERC20 Permit holes to trick victims into harmful transactions. They deceive users by exploiting increaseAllowance signatures. The high occurrence of crypto scams stresses caution, especially during market spikes. Be careful.

Scam Sniffer’s detailed study reveals a worrying trend in phishing attacks. The Ethereum mainnet had many thefts. Other networks like Arbitrum, BNB, Optimism, and Polygon also had significant losses.

Significantly, as previously noted, fraudulent individuals increasingly utilize phishing websites as the primary means to deceive unsuspecting users.

Meanwhile, deceptive websites, frequently camouflaged as legitimate platforms, mimic reputable projects and employ cunning tactics to trick individuals into revealing sensitive information or approving fraudulent transactions. Using Create2 to produce temporary addresses adds complexity to detection efforts, enabling fraudsters to obscure their actions and avoid being detected.

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.