In 2023, more than 324,000 crypto users became victims of phishing fraud, and approximately 295 million dollars in Web3 wallets were lost due to attacks. Blockchain security platform Scam Sniffer analyzed trends surrounding the methods used in crypto phishing frauds in its 2023 Wallet Attacks Report. The platform highlighted a consistent growth in phishing activities throughout the year.
Significant Danger in the Web3 Ecosystem
The security platform Scam Sniffer explained that despite measures taken against phishing methods, phishing gangs continue their activities with different methods because platforms serving scammers are not lacking. After every decision taken against these gangs, they continue phishing fraud through different platforms.
On March 2, 2023, the notorious Monkey Drainer responsible for major wallet phishing attacks was shut down. Scam Sniffer estimates that Monkey Drainer stole approximately 16 million dollars in crypto assets before it was closed. However, phishing continued as it offered different scam services to its criminal customers.
Similarly, after stealing about 81 million dollars in crypto assets, Inferno Drainer was shut down in 2023. According to Scam Sniffer, it seems that Angel Drainer has taken over the role after Inferno Drainer’s closure.
Striking Details on Phishing Attacks
Meanwhile, Scam Sniffer presented its research on how phishing sites receive traffic. One of the methods used by these crypto thieves is hacking official Discord and X accounts of Web3 projects. After taking over official social accounts, hackers then spread phishing links through posts.
In addition to hacking; phishing websites gain organic traffic by conducting fake airdrop events on crypto assets or NFTs. They also take over expired Discord links and generate spam comment traffic on X. Scammers manage to use Google and X’s advertising guidelines in addition to organic traffic. According to Scam Sniffer, phishing websites can publish paid Google search ads and Twitter ads.
