Crypto Hacks Reach $800M in 2024, Driven by Ice Phishing and Wallet Draining

The post Crypto Hacks Reach $800M in 2024, Driven by Ice Phishing and Wallet Draining appeared first on Coinpedia Fintech News

Based on the data provided by CertiK alerts, 2024 has witnessed the enhanced use of phishing scams relating to Cryptocurrencies with the effects going off over $800 million. The highest number of incidents was seen in Q2 with the number reaching 67 and the month of May saw the highest volume of hacks with 25 incidents. These losses originate from advanced tactics such as the Web3 world’s Ice Phishing and the relatively known wallet draining.  

Ice Phishing which has been noted since 2022 is still very much an issue. It enables impostors to extort control over their crypto resources by approving unsavoury smart contract transactions on behalf of users. As soon as access is gained, the attackers directly steal money from their victims’ electronic wallets.  

An even more contemporary practice, wallet draining goes hand in hand with address poisoning. Wallet drainer tools are scripts that work to drain users’ wallets through user mistakes or poor security modalities. Address poisoning on the other hand, while involves redemption and misuse of look-alike wallet addresses, deceives users during fund transfers by altering actual wallet addresses used in the transaction histories.  

These techniques have resulted in enormous losses apart from undermining confidence in decentralised systems. CertiK raises concerns to the user and for platforms to take necessary precautions against these threats.  

There is always an opinion to check wallet addresses by hand, refrain from clicking on suspicious links, and pay a lot of attention to smart approval contracts. In platforms, real-time monitoring systems and advanced security audits should be implemented to reduce the risks.  

Both of those growths include ice Phishing as well as wallet draining, thus, there is a need for people to be sensitive and take precautions in the cryptosphere. With the ongoing adoption of Web3 individuals and businesses require protection of their assets from digital threats.