Wallet drainers targeted over 300,000 addresses in 2024, marking a 67% rise in losses to scams compared to the previous year.
Surge in Wallet Drainer Attacks
Cryptocurrency wallet drainers stole a staggering $494 million in 2024, targeting more than 300,000 wallet addresses, according to Scam Sniffer. This represents a 67% increase in losses compared to 2023, though the number of victims grew by just 3.7%. On average, victims held larger amounts, amplifying the financial impact.
Large-Scale Heists and Tools of the Trade
Scam Sniffer recorded 30 large-scale wallet drainer thefts exceeding $1 million each. The largest heist, worth $55.4 million, occurred early in the year, coinciding with Bitcoin price surges that fueled phishing activities. Wallet drainers operate through fake or compromised websites, using phishing tools to steal digital assets directly from users’ wallets.
Key Trends in Wallet Drainer Scams
2024 saw scammers employing advanced tactics like fake CAPTCHA and Cloudflare pages, IPFS hosting, and Google Ads to lure victims. Signature-based exploits such as the ‘Permit’ and ‘setOwner’ methods were common, facilitating unauthorized token spending and smart contract ownership changes.
Ethereum Among Top Targets
Ethereum accounted for 85.3% of the stolen assets, with stablecoins and staking tokens also heavily targeted. Phishing waves peaked mid-year with services like ‘Inferno’ causing over $110 million in losses during August and September.
Prevention Measures for Web3 Users
To minimize risks, Scam Sniffer advises users to:
- Interact only with verified websites and projects.
- Double-check URLs and read transaction prompts carefully.
- Use wallet warnings and simulate transactions before proceeding.
- Revoke suspicious token permissions with available tools.
Disclaimer:
The information provided on 13Desk is for informational purposes only and should not be considered financial advice. We strongly recommend conducting your own research and consulting with a qualified financial advisor before making any investment decisions. Investing in cryptocurrencies carries risks, and you should only invest what you can afford to lose. 13Desk is not responsible for any financial losses incurred from your investment activities.
