Cybersecurity experts warn that crypto phishing scams will surge in December when the spike in online shopping coincides with the Christmas holiday season. As cyber criminals strike in the run-up to the festive season, crypto investors can expect phishing attacks to target unsuspecting crypto investors.
A Scam Sniffer report, which tracks cryptocurrency fraud, showed that more than 9,200 cryptocurrency investors lost a combined $9.3 million in November to phishing scams. One victim alone lost $661,000 within minutes on the platform, the platform revealed.
The losses for November were down 53 percent from the total of $20.2 million in October, but the cryptocurrency space is still facing the threat of the new year holiday season.
“9,208 victims. $9,380,000 stolen.” A victim could lose $661,000 of stETH within minutes, and it’s just the beginning.” November, according to the Scam Sniffer’s December 3 report.
While security experts paint a positive picture of Bitcoin and its technology, they warn that malicious blockchain transactions remain the primary tool used by cybercriminals to gain full control over a victim’s digital assets. A wallet drain attack with this method leads to a huge loss of funds.
Crypto Phishing Threats Set To Escalate In December, Warns Cyvers CEO Deddy Lavid
According to Deddy Lavid, a co-founder and CEO at Web3 security platform Cyvers, the threat will escalate in December as online shopping injects new targets for scammers to attack. “Given the increase in online transactions, hackers will likely make phishing attacks more prominent,” said Lavid. Crypto investors, he said, should beware and be vigilant and never approve any blockchain transactions without carefully vetting them.
“To safeguard their assets, investors should verify communications, enable two-factor authentication, and avoid public WiFi for sensitive activities. Awareness of holiday-themed phishing tactics is crucial, along with tools like real-time monitoring to flag suspicious behaviors promptly.”
Lavid also told users to simulate transactions so they do not accidentally sign malicious activity. He added that ‘vigilance and robust security practice is paramount during this half-time period of risk.’
Interestingly, the number of overall crypto hacks has gone down in 2024, despite the increased risks surrounding the holiday season. Until November 29, crypto hackers had stolen a record $1.48 billion year to date, down 15 percent from a year ago. A farming vulnerability allowed hackers to take $25.5 million in November from a bot named Thala, which is a protocol. Luckily, all the lost assets were recovered using the protocol.
The crypto industry continues to prepare for the holiday season while on high alert. The experts said users should follow the best security practices and be alert for any unusual requests or suspicious transactions. Since 2011, phishing scams have been causing robberies of over $19 billion, and the crypto community needs to harden its defenses against such losses.
Crypto investors should remain aware that the holiday season with often lead to online shopping, which means they are more likely to be targeted by scammers. Scams continue to be impersonal to education and vigilance to protect digital sauce.
