Wallet Drainer Attacks Increase by 67% in 2024, Victims Lose Nearly $500m
A recent report from Scam Sniffers has revealed a concerning trend in the world of cryptocurrency phishing attacks. According to the Crypto Phishing Report 2024, victims lost close to $500m from wallet drainer attacks in 2024, marking a 67% annual increase from the previous year.
Key Findings from the Report
The report is based on analysis of Ethereum Virtual Machine (EVM)-compatible chains, where the estimated $494m lost to wallet drainers in 2024 came from 332,000 wallet addresses. This indicates a slight increase of just 3.7% from 2023 figures, suggesting that cybercriminals are becoming more adept at stealing larger amounts from each victim. The largest single theft reported was a staggering $55.5m.
Furthermore, there were 30 “large-loss cases” of over $1m, totaling $171m or an average of $5.7m per case.
Understanding Wallet Drainer Attacks
Wallet drainers are a specific type of phishing tactic that target crypto-wallet funds rather than usernames and passwords. Victims are often lured through various channels including compromised Discord and Twitter accounts, paid traffic, emails, private messages, and organic traffic like NFT or token airdrops.
The report also highlighted distinct phases of malicious activity throughout 2024, with the peak period occurring in July-September where major losses were recorded. However, the final quarter showed a reduction in both frequency and scale of attacks, indicating an improvement in market security awareness.
Protecting Against Wallet Drainer Attacks
Scam Sniffer emphasized the importance of Web3 security, stating that both tool protection and security awareness are crucial in safeguarding assets in the decentralized world. While enjoying the benefits of Web3 innovation, it is essential for users to prioritize security and remain vigilant against potential threats.
Most losses in 2024 were related to Ethereum, followed by Blast and Arbitrum. The attack landscape also saw shifts over the past year, with notable players like Pink Drainer closing down operations and others like Angel Drainer experiencing declines in market share.
As the crypto landscape continues to evolve, it is imperative for users to stay informed and take proactive measures to protect their assets from malicious actors.