Crypto Lost Over $520K to Fake Cross-Chain Bridge Scam: Scam Sniffer

A crypto investor has lost over $520,000 after falling for a fake cross-chain bridge scam.

The victim, who had 22,415 LINK tokens (around $525,000 at the time), was tricked into signing a malicious transaction on January 4, according to Web3 security platform Scam Sniffer.

The attack targeted Telegram-based decentralized finance (DeFi) groups, preying on users looking for quicker bridging solutions. The scammers set up a fake crypto bridge website to steal funds from unsuspecting holders.

According to Scam Sniffer, wallet drainer phishing scams are on the rise in 2024. Over $494 million has been lost to such attacks, affecting more than 332,000 crypto addresses, marking a 67% increase in year-over-year losses. In some cases, the thefts have exceeded $55 million.

Fraudulent ads and phishing schemes have also become more sophisticated. Earlier, Scam Sniffer reported scams using Google ad campaigns to direct users to fake websites, such as one that impersonated Pudgy Penguins. Recently, blockchain security firm SlowMist found that scammers are now even using Zoom to trick crypto users.

With scams becoming more common, Scam Sniffer urges crypto holders to verify URLs before clicking and avoid links from unfamiliar sources. They also caution against trusting individuals who seem overly eager to help, as scammers often create a sense of urgency.