Crypto phishing scams to rise during holiday shopping season — Cyvers

Cybersecurity experts have warned that crypto phishing attacks are anticipated to spike in December as scammers aim to capitalize on the Christmas holiday shopping season.

In November, over 9,200 cryptocurrency investors collectively lost $9.3 million to phishing scams, according to a Dec. 3 post from Scam Sniffer, a platform that monitors crypto scams.

“$9,380,000 stolen. 9,208 victims. November saw one victim lose $661,000 in stETH within minutes — and that’s just the tip of the iceberg,” the platform reported.

Malicious signatures remain the “deadliest weapon” for crypto scammers, added the platform. Signing a malicious blockchain transaction can give the attacker full control over the wallet’s digital assets, resulting in wallet drain attacks.

Related: Crypto hackers steal $71M in November, bringing yearly total to $1.48B

Crypto phishing scams to surge in December — Cyvers

November’s $9.3 million in phishing losses marks an over 53% decrease from October when phishing attacks cost users over $20.2 million.

However, phishing attacks could surge in December as hackers attempt to exploit the growth in online transactions ahead of the Christmas holiday season, according to Deddy Lavid, co-founder and CEO of Cyvers, a Web3 security platform.

The cybersecurity expert told Cointelegraph:

“To safeguard their assets, investors should verify communications, enable two-factor authentication, and avoid public WiFi for sensitive activities. Awareness of holiday-themed phishing tactics is crucial, along with tools like real-time monitoring to flag suspicious behaviors promptly.”

Related: Bitcoin may attract $2T from new $20T money supply in 2025

Moreover, users should be increasingly aware of the growing risk of signing malicious crypto transactions.

“Users should meticulously avoid signing blockchain transactions without thorough scrutiny and simulate transactions beforehand to ensure they don’t authorize malicious activities inadvertently, Lavid said. Vigilance and robust security practices are essential during this high-risk period,” he added.

Despite the growing risks associated with the holiday season, there have been fewer crypto hacks compared to 2023. Up to Nov. 28, crypto hackers stole $1.48 billion year-to-date (YTD), a 15% decrease from the same period in 2023. 

Looking at November’s largest hacks, the $25.5-million Thala hack was the biggest, but luckily, the protocol recovered all the assets lost to the farming vulnerability.

$3 billion stolen in hacks — Why are crypto crimes surging? Source: YouTube

As of June, the crypto industry had suffered over $19 billion worth of losses across 785 reported hacks and exploits during the past 13 years.

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