Decentralized finance has become marred with financial evils found in traditional finance. According to a recent report by CertiK, investors have lost $57 million to phishing attacks recorded in 11 phishing incidents.
Investors lose millions to phishing hacks
According to a report by CertiK, crypto investors continue to suffer engineered losses, which is leading to mistrust among them. So far, 11 phishing attacks have caused investors to lose a total of $57 million.
Phishing is a type of social engineering attack often used to steal user data, including login credentials and credit card numbers. It happens when an attacker, masquerading as a trusted entity, dupes a victim into opening an email, instant message, or text message.
Advertisement
In crypto, phishing scams often target people using crypto software wallets. Specifically, scammers need a crypto wallet’s private keys.
Within these incidents, the platform has recorded 5 cases of address poisoning, leading to losses of $1.2M.
Address poisoning, also known as address spoofing, is a fraudulent method in which criminals send small amounts of crypto, NFTs, or worthless tokens from a wallet that closely matches the recipient’s or a frequently used partner’s address, making their way into transaction history.
Advertisement
Also Read: Matrixport predicts a Bitcoin rally amid potential macroeconomic shifts
