Major Security Incidents Caused $316 Million Losses in August with Phishing Scams Leading the Pack

Major Security Incidents Caused $316 Million Losses in August with Phishing Scams Leading the Pack

August was a rough month for cryptocurrency security, with a total of $316 million lost to various attacks, according to blockchain big data platform OKLink. The majority of these losses (93.37%) were due to phishing scams, which netted cybercriminals a staggering $296 million. REKT scams accounted for 5.97% of losses, while rug pulls accounted for 0.19%. In one of the most notable phishing attacks of the month, hackers targeted users of the popular MetaMask wallet by sending out emails that appeared to be from the MetaMask team. The emails contained a link to a fake MetaMask website that prompted users to enter their seed phrase. Once a user entered their seed phrase, the hackers were able to access and steal their funds. Other notable phishing attacks in August targeted users of the Binance and Coinbase cryptocurrency exchanges. In these attacks, hackers sent out emails that appeared to be from the exchanges, asking users to click on a link to verify their accounts. The links led to fake websites that prompted users to enter their login credentials. Once a user entered their credentials, the hackers were able to access and steal their funds. In addition to phishing scams, other types of security incidents in August included hacks of cryptocurrency exchanges, decentralized finance (DeFi) protocols, and NFT marketplaces. These hacks resulted in the theft of millions of dollars worth of cryptocurrency. The increase in security incidents in August is a reminder that cryptocurrency users need to be vigilant about protecting their funds. Users should never share their seed phrase with anyone, and they should be wary of clicking on links in emails or messages from unknown senders. They should also use strong passwords and enable two-factor authentication on their cryptocurrency accounts.