Crypto Phishing Attacks Expected To Rise During Holiday Season

According to Cointelegraph, cybersecurity experts have issued a warning that crypto phishing attacks are likely to increase in December as scammers seek to exploit the Christmas holiday shopping season. In November, more than 9,200 cryptocurrency investors collectively lost $9.3 million to phishing scams, as reported by Scam Sniffer, a platform dedicated to monitoring crypto scams. The platform highlighted that one victim lost $661,000 in stETH within minutes, emphasizing the severity of these attacks. Malicious signatures continue to be a significant threat, as they allow attackers to gain full control over a wallet's digital assets, leading to wallet drain attacks. Despite a 53% decrease in phishing losses from October's $20.2 million, experts anticipate a surge in December due to increased online transactions. Deddy Lavid, co-founder and CEO of Cyvers, a Web3 security platform, advised investors to verify communications, enable two-factor authentication, and avoid public WiFi for sensitive activities. He stressed the importance of being aware of holiday-themed phishing tactics and using real-time monitoring tools to detect suspicious behaviors promptly. Lavid also emphasized the need for users to be cautious when signing blockchain transactions, recommending thorough scrutiny and simulation of transactions beforehand to prevent authorizing malicious activities inadvertently. Despite the heightened risks during the holiday season, there have been fewer crypto hacks compared to 2023, with $1.48 billion stolen year-to-date as of November 28, marking a 15% decrease from the same period in 2023. Notably, the largest hack in November was the $25.5-million Thala hack, from which the protocol successfully recovered all assets lost to the farming vulnerability. As of June, the crypto industry had suffered over $19 billion in losses across 785 reported hacks and exploits over the past 13 years.