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    Phishing attacks lead to $42 million in losses for cryptocurrency users in May

    phishing attacks lead to $42 million in losses for cryptocurrency users in May

    In a recent report by Scam Sniffer, researchers revealed that phishing attacks in May 2024 resulted in criminals stealing $42.04 million from unsuspecting users. This marked an increase from April, when $38.63 million was stolen. The report also highlighted that 32,260 individuals were affected by these attacks in May, compared to 34,610 in April.

    Phishing attacks have become a prevalent and dangerous threat in the cryptocurrency world. These attacks are designed to steal confidential information such as logins, passwords, and wallet access keys by masquerading as trusted sources.

    Scammers typically create fake websites that closely resemble legitimate cryptocurrency exchange platforms or wallets. When users enter their data on these counterfeit sites, the information is captured by the attackers, who then use it to steal digital assets from their victims’ accounts.

    These attacks are not limited to fake websites. Scammers also use emails, text messages, and social media to trick victims. These messages often contain links to phishing sites or prompt users to download malicious software. Additionally, criminals employ psychological tactics to persuade victims to divulge personal information, including fake requests for assistance, account problem notifications, or even fabricated romantic stories.

    For instance, in May 2019, one of the largest cryptocurrency exchanges, Binance, fell victim to a phishing attack that led to the theft of over $40 million in bitcoin. The attackers used fake websites and social engineering techniques to gather sensitive information from Binance’s clients.

    In another example from 2020, scammers sent out fake emails pretending to be from Ledger and Trezor, well-known manufacturers of hardware wallets. These emails contained links to phishing sites where users were tricked into entering their login credentials.

    To combat these threats, security experts recommend enabling two-factor authentication (2FA), always verifying the URL of a site before entering any data, and avoiding clicking on links in emails or messages unless they are confirmed to be from an official source.

    The rise in phishing attacks underscores the need for increased vigilance and enhanced security measures. As scammers continue to develop more sophisticated methods, users must stay informed and proactive in protecting their digital assets.

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