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Cryptocurrency News Articles
Over $127M Worth of Cryptocurrencies Were Stolen from Investors in Q3 2024, with $46M Lost in September
Oct 04, 2024 at 09:39 pm
Phishing attacks target Ethereum investors. Telegram-based tap-to-earn game combines satire, strategy and rewards to create a gaming experience
Over $127 million worth of cryptocurrencies were pilfered from investors in the third quarter of 2024, with roughly $46 million lost in September alone.
Phishing attacks were responsible for victimizing nearly 10,800 people in September, Web3 security firm Scam Sniffer reported. The greatest loss occurred on Sept. 28, when a phishing attack using a permit phishing signature drained 12,083 spWETH valued at $32.43 million.
Phishing attacks dupe investors into connecting their crypto wallets, like MetaMask, to malicious services. By linking crypto wallets to phishing websites, scammers can withdraw users’ crypto without any further authentication.
Phishing attacks mainly targeted Ether investorsAccording to Scam Sniffer, Ether ( ETH ) was the biggest target of crypto phishing attacks, with other prominent cryptocurrencies lost to phishing scams including Polygon ( MATIC ), BNB ( BNB ) and Optimism ( OP ), among others.
This tap-to-earn Telegram game mocks society's obsession with status Chainlink price analysis: Bulls defend $7 for the third day running, where to next?
A Telegram-based tap-to-earn game combines satire, strategy and rewards to create a gaming experience that speaks to the spirit of our time.
Blockchain games have seen steady growth in both user activity and game launches, reaching a record 4.2 million active wallets. Tap-to-earn games, where players earn virtual rewards by simply tapping the screen, have played a significant role in this surge through the popular messaging app Telegram. Some even speculate that Telegram could be a key platform in bringing crypto to its first billion users.
In addition to appealing to newcomers, these games blend entertainment, economic opportunity, and social engagement, offering more than just a way to kill time. However, the reliance on financial incentives has its limitations. Games that mirror real-world economic and social structures often end up replicating the very systems that the crypto world aims to challenge, creating an ironic contradiction.
Despite this, blockchain-based games offer a unique opportunity to poke fun at deeper aspects of modern life — chief among them is the human obsession with success.
From a lowly hobo to the king of the streetsThe tap-to-earn game Bums is a swift entrant into the rising trend of economic and social simulation games. It offers a playful yet ironic take on society's obsession with wealth and status. Quickly gaining traction as one of the most popular blockchain-based games, Bums has amassed 10 million players in just a month, with 4 million subscribers in its Telegram group.
Overview of phishing attacks in September. Source: Scam Sniffer
In Q3 2024, two major phishing attacks were responsible for a total loss of $87 million. According to MistTrack, a crypto tracking and compliance platform, most phishing occurs by clicking on phishing links from fake accounts on X, followed by Google phishing ads.
Related: Vietnam police bust crypto scam ring linked to offshore actors Considering the growing concerns about phishing attacks, investors are recommended to double-check website URLs and email addresses for official modes of communication.
Check out Cointelegraph’s guide to learn more about phishing attacks and how to avoid them.
Overall crypto hacks cost $753 million in damages in Q3 2024Meanwhile, the total losses from all types of crypto hacks exceeded $753 million in Q3 2024.
According to an Oct. 1 report by cybersecurity firm CertiK, the overall financial damage surged by approximately 9.5%, with a total of $753 million taken from investors across 155 incidents.
Similar to phishing, the Ethereum network suffered the most security incidents, with 86 hacks, scams and exploits costing over $387 million.
Security incidents by chain in Q3 of 2024. Source: CertiK
According to the report, only 4.1% of stolen assets were recovered, down from the 14.4% returned in the previous quarter.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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