Introduction
Phishing scams in November caused $9.38 million in losses. Over 9,200 people were affected, according to ScamSniffer. The largest single loss was $661,000 in stETH. This happened in minutes, showing how fast and dangerous these scams can be.
Major Losses in November
Several big losses happened last month:
$661,000 in stETH: This was the largest loss and took only minutes.
$409,000 in WBTC: Stolen on the Arbitrum network.
$344,000 in FET: Taken through Ethereum’s Uniswap platform.
$220,000 in USDT: Lost in a direct transfer on Ethereum.
Most of these losses were from malicious signature requests. These scams trick users into approving harmful transactions. Once approved, scammers quickly steal the funds. ScamSniffer called this method the “deadliest weapon” used by attackers.
Total Losses Are Lower, But Risks Remain
November’s losses were 53% lower than October’s $20.2 million. September had even higher losses of $45.8 million. Despite this drop, over 9,200 victims were affected in November. This shows the risks are still high for crypto users.
ScamSniffer also reported a change in phishing methods. While the Inferno Drainer scam faded, a new attack called Angel Drainer is now rising. This shows scammers are always finding new ways to target users.
Phishing Scams in the Bigger Picture
Phishing attacks are a growing problem. CertiK, a blockchain security firm, reported $343.1 million lost to phishing scams in Q3 2023. These losses came from 65 incidents. CertiK called phishing the most damaging type of attack during that period.
Most victims are tricked through fake accounts on X (formerly Twitter). These accounts lead users to phishing sites. Google ads are another common method. Scammers use fake ads to trick users into clicking harmful links. Once on these sites, victims are targeted for their funds.
Why These Scams Work
Phishing scams work because they look real. Scammers create fake websites, ads, and emails to fool users. These traps make users trust them. Many scams also use malicious signature requests. Victims think they are signing something safe but are actually approving a scam.
Even experienced users can fall for these tricks. Scammers change their methods to avoid detection. This makes phishing one of the hardest threats to stop in crypto.
How to Stay Safe from Phishing
Crypto users need to be careful. Always double-check links before clicking. Avoid ads or emails that look suspicious. Never approve a signature without checking the details. One mistake can cause a big loss.
Experts recommend using tools to verify links and transactions. Strong security software can help detect scams. Staying alert is the best way to protect your funds.
Conclusion
Phishing scams are a big threat to crypto users. November’s $9.38 million in losses show how harmful they can be. Even though losses dropped compared to October, the number of victims is still high. New scams like Angel Drainer prove that attackers are always adapting.
Crypto users must stay cautious. Protecting your funds takes awareness and care. By understanding how scams work, you can reduce your risk. Phishing will continue to evolve, but being careful is the best defense.
