Crypto Phishing Attacks Drain $500M in 2024

Phishing attacks by crypto wallet drainers reached alarming heights in 2024, with an estimated $500 million stolen. Over 330,000 addresses were affected, demonstrating the widespread impact on crypto users.

This represents a sharp 67% rise from 2023, highlighting the increasing sophistication of these malicious schemes, according to Scam Sniffer.

Ethereum Leads in Crypto Phishing Losses as Attacks Evolve

The thefts occurred in distinct waves. The first quarter (Q1) of 2024 was the most damaging, with $187.2 million lost and 175,000 victims reported. March was particularly devastating, recording $75.2 million in losses, making it the highest monthly figure of the year.

The second and third quarters (Q2 and Q3) together accounted for $257 million in losses from 90,000 addresses. A notable decline in both the number of victims and the total losses was observed in the fourth quarter (Q4), which saw $51 million stolen from 30,000 victims. This reduction suggests improvements in user awareness and security measures toward the end of the year.

Large-scale thefts remained a significant problem, with 30 incidents exceeding $1 million each, collectively accounting for $171 million. The first half of the year primarily involved smaller-scale thefts ranging from $1 million to $8 million per incident.

However, the second half witnessed larger attacks, with August and September seeing major losses of $55 million and $32 million, respectively. These two months alone contributed to over half of the year’s total from large-scale incidents.

Ethereum suffered the most significant losses, followed by Arbitrum, Base, Blast, and BNB Chain. Regarding targeted assets, staking and restaking tokens experienced the heaviest impact, followed by stablecoins, Aave collateral, and Pendle yield-bearing assets.

Meanwhile, the landscape of wallet drainers evolved throughout the year. In the first half of 2024, three major players — Angel, Pink, and Inferno — dominated the scene.

Angel led with 41% market control, while Pink and Inferno held 28% and 22%, respectively. In May, Pink exited the market, leaving Angel and Inferno to vie for dominance. By Q4, Angel had acquired Inferno, signaling further consolidation in the space. Meanwhile, new entrants emerged, adding complexity to the ecosystem.

The sharp rise in phishing attacks and wallet drainers in 2024 underscores the importance of adopting robust security practices and educating users to mitigate risks in the ever-evolving crypto landscape.