More than 330,000 victims with total damage of nearly 500 million USD due to phishing attacks 2024

The damage from "Wallet Drainer" malware-based fraud attacks reached alarming levels in 2024, with an estimated $500 million stolen. Over 330,000 addresses were affected, showing the widespread impact on cryptocurrency users.

This represents a 67% increase compared to 2023, indicating the growing sophistication of these malicious schemes, according to Scam Sniffer.

Ethereum leads in phishing attack losses

The thefts occurred in waves. The first quarter (Q1) of 2024 saw the most severe losses, with $187.2 million stolen and 175,000 victims reported. March was particularly devastating, recording $75.2 million in losses, the highest figure for the year.

The second and third quarters (Q2 and Q3) saw a total of $257 million lost from 90,000 addresses. A significant decline in the number of victims and total losses was observed in the fourth quarter (Q4), with $51 million stolen from 30,000 victims. This decrease suggests that user awareness and security measures had improved by the end of the year.

Large-scale attacks remained a significant issue, with 30 incidents exceeding $1 million each, totaling $171 million. The first half of the year was dominated by smaller attacks, ranging from $1 million to $8 million per incident.

However, the second half of the year saw larger-scale attacks, with August and September recording losses of $55 million and $32 million, respectively. These two months alone accounted for more than half of the total losses from large-scale incidents throughout the year.

Ethereum suffered the most significant losses, followed by Arbitrum, Base, Blast, and BNB Chain. In terms of targeted assets, staking and reStaking tokens were the most heavily impacted, followed by stablecoins, Aave collateral assets, and Pendle yield-bearing assets.

Meanwhile, the landscape of "Wallet Drainer" malware providers underwent significant changes throughout 2024. The first half of the year saw three major players — Angel, Pink, and Inferno — dominating the market.

In the crypto space, a "Wallet Drainer" refers to a type of malware or scam designed to drain the entire assets from a user's digital wallet. These tools are often deployed through methods such as Phishing, Malware, and Fake DApps.

Angel led with a 41% market share, while Pink and Inferno held 28% and 22%, respectively. In May, Pink exited the market, leaving Angel and Inferno to compete for market share. By the fourth quarter, Angel had acquired Inferno, signaling further consolidation in this space. Meanwhile, new providers have emerged, adding to the complexity of the ecosystem.

The sharp increase in fraud attacks and wallet drainers in 2024 underscores the importance of implementing robust security measures and educating users to mitigate risks in the rapidly evolving cryptocurrency landscape.

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