Ethereum top target of cyberscammers - report

Ethereum has emerged as the most susceptible blockchain, according to analysis of cyber scams carried out over the past year, based on analysis of the REKT Database of cryptohacks and scams

Analysis of cyberscams carried out over the past year has revealed that Ethereum is the most vulnerable blockchain, with users losing a total of $730 million** in various scams. The analysis was conducted by cryptogambling information provider CryptoCasinos, which examined the REKT Database of crypto hacks and scams. The database includes self-reported incidents of crypto scams, and the analysis focused on scams carried out between 1 January and 31 December **2023**. According to the analysis, phishing scams were the most common type of scam, with an estimated **$1.7 billion lost to this method. Phishing scams typically involve cybercriminals targeting users’ eWallet via schemes like fake websites, counterfeit tokens or coins, or fraudulent emails. Users are encouraged to share their private details or private keys, which scammers use to access and drain funds. "Nobody who reported a loss due to phishing scams successfully regained their funds," CryptoCasinos states. Some blockchains were found to be more vulnerable to phishing scams than others, with the majority of losses recorded for Ethereum ($65.5 million**), accounting for 91% of the total (**$74.4 million). Arbitrum ($5.2 million**) and Bitcoin (**$0.8 million) were also affected by phishing scams. Other common scams reported last year included access control exploits and rug pull exit scams. Control exploits saw scammers exploit a system vulnerability to gain direct access to user credentials or data. Last year, this resulted in some $852 million** being lost. Rug pull exit scams saw scammers aggressively promote a token via fraudulent means and then liquidate invested funds without warning, resulting in losses of some **$412 million last year. Ethereum was the blockchain most affected by access control exploits, with users losing a huge $482.7 million** last year. The blockchain most vulnerable to rug pull exit scams came out as Binance, with users reporting **$74.5 million lost. As well as identifying which scam types result in the highest losses, the analysis reveals which blockchains are the most susceptible to cybercrime overall. Ethereum was the most targeted blockchain in 2023, with a total of $730 million** being lost. This is 273% higher than the average loss reported across all blockchains (**$196 million). The second most affected blockchain was Bitcoin, with $266 million** being lost. The most common scam Bitcoin users dealt with was access control attacks, followed by phishing. The third most targeted blockchain was Polygon, which saw users lose **$124 million. Finally, crypto users whose funds are stolen are unlikely to regain them, as just 10% of the total funds lost in 2023 were successfully returned. "As cryptocurrency continues to grow in popularity among investors, so does the appeal to scammers-especially among volatile blockchains or vulnerable users," CryptoCasinos commented. "However, there are some telltale signs to look out for that may indicate you’re being targeted." The most obvious sign is if someone is trying to gain access to your private information, like security codes or login details. Do not share your personal information unless you are 100% sure the request is safe-especially if you’ve been randomly contacted over text or email. Also, be wary of ‘too-good-to-be-true’ returns, discounts, or tokens. If you know a cryptocurrency is particularly volatile, exercise caution before accepting investment support. Ensure that you are aware of how cryptocurrencies and blockchains work so that you can identify any discrepancies that may allude to ulterior motives. Make sure you only trade via reputable exchanges and always use a secure eWallet to hold funds.

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