Saturday, August 23, 2025
No Result
View All Result
Coin Digest Daily
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • Metaverse
  • Web3
  • DeFi
  • Analysis
  • Scam Alert
  • Regulations
Marketcap
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • Metaverse
  • Web3
  • DeFi
  • Analysis
  • Scam Alert
  • Regulations
No Result
View All Result
Coin Digest Daily
No Result
View All Result

Rising crypto scams lead to $2.3 billion in total losses in 2024

24 December 2024
in Scam Alert
Reading Time: 2 mins read
0 0
A A
0
Home Scam Alert
Share on FacebookShare on Twitter


Join Japan's Web3 Evolution Today

Cybersecurity firm Kaspersky revealed that malicious actors have devised a brand new rip-off involving seed phrases to focus on unsuspecting crypto customers, based on a Dec. 23 weblog submit.

This subtle scheme preys on people’ curiosity and dishonesty, resulting in monetary losses for unsuspecting victims.

How the rip-off works

Seed phrases, essential for recovering entry to crypto wallets, are manipulated by scammers who pose as inexperienced customers in search of assist on-line through social media platforms like YouTube.

These fraudsters submit their faux seed phrases on these platforms to lure people into accessing seemingly worthwhile wallets. Upon accessing these wallets, customers discover giant quantities of stablecoins like Tether’s USDT, creating the phantasm of a simple revenue.

Nonetheless, withdrawing these funds requires gasoline charges, normally paid in Tron’s TRX. The pockets is deliberately left with out ample TRX, prompting customers to switch their funds to finish the transaction.

As soon as these funds are despatched, they’re instantly redirected to a pockets managed by the scammers.

In the meantime, the central key to this scheme lies within the pockets configuration. The scammers set up it as a multi-signature pockets, which requires approvals from a number of events for any transaction. This ensures that the USDT can’t be transferred out by the unsuspecting person even after they pay the gasoline charges.

$2 billion in losses

The seed phrase scheme is a part of a broader wave of crypto scams which have surged in 2024.

Based on blockchain safety agency Cyvers, crypto-related fraud has resulted in losses exceeding $2.3 billion this yr, marking a big improve in comparison with earlier years. Nonetheless, it stays 37% beneath the over $3 billion recorded in 2022.

The agency famous that malicious actors make use of completely different assault schemes, together with entry management breaches, which have emerged as essentially the most vital risk, accounting for $1.9 billion in losses from 67 incidents. Good contract exploits comply with carefully, with $456.3 million stolen throughout 98 assaults.

In the meantime, Cyvers famous that pig butchering scams have change into a dominant fraud tactic this yr. In these scams, fraudsters construct belief with victims over time, typically by relationship apps or textual content messaging, earlier than convincing them to put money into faux crypto initiatives and finally stealing their funds.

The agency flagged over $3.6 billion in sufferer funds throughout greater than 150,000 addresses and 800,000 transactions in 2024, highlighting the dimensions and class of those scams.



Source link

Tags: BillionCryptoLeadlossesrisingscamsTotal
Previous Post

Another Publicly Traded Firm Just Adopted a Bitcoin Reserve Strategy – Decrypt

Next Post

BlackRock’s Ethereum ETF Soars Past 1 Million ETH – Can Price Follow? | Bitcoinist.com

Related Posts

Fake Ethereum trading bots on YouTube help scammers steal over $900K
Scam Alert

Fake Ethereum trading bots on YouTube help scammers steal over $900K

9 August 2025
CrediX hack adds to $3.1 billion DeFi losses in 2025 as multisig failures surge – CoinJournal
Scam Alert

CrediX hack adds to $3.1 billion DeFi losses in 2025 as multisig failures surge – CoinJournal

6 August 2025
Deepfake scams cost $200M: A threat we can’t ignore
Scam Alert

Deepfake scams cost $200M: A threat we can’t ignore

5 August 2025
Grok refuses to pick winner for Crypto Rover competition citing ZachXBT pump and dump evidence
Scam Alert

Grok refuses to pick winner for Crypto Rover competition citing ZachXBT pump and dump evidence

22 July 2025
XRP trading volume soars as new ATH attracts deepfake scam targeting investors
Scam Alert

XRP trading volume soars as new ATH attracts deepfake scam targeting investors

18 July 2025
FTT jumps 7% as Backpack launches platform to help FTX victims liquidate claims – CoinJournal
Scam Alert

FTT jumps 7% as Backpack launches platform to help FTX victims liquidate claims – CoinJournal

19 July 2025
Next Post
BlackRock’s Ethereum ETF Soars Past 1 Million ETH – Can Price Follow? | Bitcoinist.com

BlackRock’s Ethereum ETF Soars Past 1 Million ETH - Can Price Follow? | Bitcoinist.com

Ethereum and Altcoins Gearing Up for Explosive Move As ETH Mirrors December 2020 Structure: Jason Pizzino – The Daily Hodl

Ethereum and Altcoins Gearing Up for Explosive Move As ETH Mirrors December 2020 Structure: Jason Pizzino - The Daily Hodl

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
FTT jumps 7% as Backpack launches platform to help FTX victims liquidate claims – CoinJournal

FTT jumps 7% as Backpack launches platform to help FTX victims liquidate claims – CoinJournal

19 July 2025
PENDLE token goes live on BeraChain and HyperEVM to expand cross-chain utility – CoinJournal

PENDLE token goes live on BeraChain and HyperEVM to expand cross-chain utility – CoinJournal

30 July 2025
A Russian Hacking Group Is Using Fake Versions of MetaMask to Steal $1M in Crypto – Decrypt

A Russian Hacking Group Is Using Fake Versions of MetaMask to Steal $1M in Crypto – Decrypt

10 August 2025
Ethereum Reclaims $4,600 With Unprecedented $1 Billion In Spot ETF Inflow

Ethereum Reclaims $4,600 With Unprecedented $1 Billion In Spot ETF Inflow

13 August 2025
XRP Price Blasts Higher by 10%, Bulls Eye Even Bigger Gains

XRP Price Blasts Higher by 10%, Bulls Eye Even Bigger Gains

8 August 2025
PEPE Gears Up For 120% Move As Indicators Point To An End Of Decline | Bitcoinist.com

PEPE Gears Up For 120% Move As Indicators Point To An End Of Decline | Bitcoinist.com

8 August 2025
Coinbase’s US Training & Citizenship Rule To Thwart North Korean Threat | Bitcoinist.com

Coinbase’s US Training & Citizenship Rule To Thwart North Korean Threat | Bitcoinist.com

23 August 2025
Philippines Congressman Pushes Strategic Bitcoin Reserve Bill With 10,000 BTC Goal | Bitcoinist.com

Philippines Congressman Pushes Strategic Bitcoin Reserve Bill With 10,000 BTC Goal | Bitcoinist.com

22 August 2025
BCH Price Prediction: Bitcoin Cash Eyes $650 Break Above Key Resistance in Next 30 Days

BCH Price Prediction: Bitcoin Cash Eyes $650 Break Above Key Resistance in Next 30 Days

22 August 2025
Mickalene Thomas’s ex-fiancée accuses the artist of sexual harassment and stealing millions of dollars from her

Mickalene Thomas’s ex-fiancée accuses the artist of sexual harassment and stealing millions of dollars from her

22 August 2025
Alphractal Says Resilient Dogecoin Metrics Could Lead To Price Breakout

Alphractal Says Resilient Dogecoin Metrics Could Lead To Price Breakout

22 August 2025
Interpol Busts 1,200 Cybercriminals in Global Crypto Raid

Interpol Busts 1,200 Cybercriminals in Global Crypto Raid

22 August 2025
Facebook Twitter Instagram Youtube RSS
Coin Digest Daily

Stay ahead in the world of cryptocurrencies with Coin Digest Daily. Your daily dose of insightful news, market trends, and expert analyses. Empowering you to make informed decisions in the ever-evolving blockchain space.

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • NFT
  • Regulations
  • Scam Alert
  • Web3

SITEMAP

  • About us
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2024 Coin Digest Daily.
Coin Digest Daily is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • Metaverse
  • Web3
  • DeFi
  • Analysis
  • Scam Alert
  • Regulations

Copyright © 2024 Coin Digest Daily.
Coin Digest Daily is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$116,953.003.82%
  • ethereumEthereum(ETH)$4,820.0613.59%
  • rippleXRP(XRP)$3.066.77%
  • tetherTether(USDT)$1.000.00%
  • binancecoinBNB(BNB)$895.666.26%
  • solanaSolana(SOL)$199.409.93%
  • usd-coinUSDC(USDC)$1.000.01%
  • staked-etherLido Staked Ether(STETH)$4,802.8813.42%
  • dogecoinDogecoin(DOGE)$0.23916010.29%
  • tronTRON(TRX)$0.3666613.31%