Cryptocurrency fraudsters stole more than $ 47 million from 57,000 users in just one month

According to Scam Sniffer, February saw a surge in cryptocurrency fraud, with about 57,000 victims. The fraudsters' activities resulted in a total loss of $ 47 million.

During the reporting period, numerous individuals, mostly Ethereum users, fell victim to numerous phishing attempts. Attackers managed to siphon off $ 46.86 million from crypto investors by masquerading as legitimate organizations on various social media platforms, including X.

It is noteworthy that the total number of victims who lost more than $ 1 million decreased by 75% compared to January. However, on February 15, there was a significant phishing theft of $ 6.2 million, which was the largest single-day loss.

Users of the Ethereum network suffered the most, accounting for 78% of the total number of exploits during the month. Ethereum-based thefts amounted to $ 36.2 million from 25,029 victims.

Users of Arbitrum and BNB suffered losses totaling about $ 3.5 million and $ 2.5 million, respectively. In addition, Ethereum-based ERC20 tokens accounted for about $ 40 million of the stolen assets, which is 86% of the total.

According to a recent report by the US Federal Bureau of Investigation (FBI), in 2023, losses from crypto investment fraud in the US increased by 53% to $ 3.94 billion, which is 53% more than in the previous year ($ 2.57 billion). The report also notes that the total volume of investment fraud increased by 38%, reaching $ 4.57 billion.