Crypto Scams Surge: Nearly $60M Stolen from 20 Victims in H1 2024

Crypto Scammer


  • Phishing scammers stole $314 million in crypto during H1 2024, up 6.44% from 2023
  • $58 million was drained from just 20 victims, with one losing $11 million


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The first half of 2024 has witnessed a significant surge in cryptocurrency scams, with phishing attacks resulting in the theft of $314 million worth of digital assets, according to data from blockchain research firm Scam Sniffer. This marks a 6.44% increase compared to the same period in 2023, highlighting the persistent and evolving nature of crypto-related fraud.



In a detailed X thread, Scam Sniffer revealed that approximately $58 million of the total stolen funds were drained from just 20 victims. One particularly devastating case involved a single victim losing $11 million, making it the second-largest individual theft in crypto history. The firm attributes these successful scams to the exploitation of phishing signatures such as Permit, IncreaseAllowance, and Uniswap Permit2, which allow scammers to gain control over victims’ assets without requiring additional permissions.


Scam Sniffer noted that “Most of the large thefts involved assets in Staking, Restaking, Aave Collateral, and Pendle tokens.” The scammers typically lure victims through phishing comments from impersonated accounts on social media platforms like X. Once directed to a phishing site, victims are tricked into making seemingly legitimate transactions from their non-custodial wallets, resulting in unauthorized access to their funds.


In a related development, SlowMist, Scam Sniffer’s parent company, reported freezing approximately $20.66 million in stolen funds across 13 platforms during Q2 2024. The company identified private key leakage, phishing, and fraud as major vulnerabilities plaguing the crypto industry.


Adding to the growing concerns, a recent report from cryptocurrency exchange Bitget has shed light on a new and alarming trend: deepfake-related crypto fraud. Since 2022, losses from this type of scam have exceeded $79.1 billion, with a staggering 245% increase observed in 2024 alone. Despite international efforts to combat this issue, Bitget warns that quarterly losses from deepfake use could reach “around $10 billion by 2025.” The exchange further predicts that 2024 will likely conclude with $25.13 billion in losses from such crimes.


These findings underscore the urgent need for enhanced security measures and user education in the cryptocurrency space. As scammers continue to develop sophisticated methods to exploit vulnerabilities, it is crucial for both individual users and platforms to remain vigilant and implement robust security protocols to safeguard digital assets.


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