Data collected by Blockzain research company Scam Sniffer sheds light on the months spent in the shadow of cryptocurrency scams. These data show that new and complex methods, especially phishing and deepfake, are becoming increasingly common.

According to the report, in the first half of 2024, fraudsters made a total of $314 million through cryptocurrency theft. This figure represents an increase of 6.44% compared to 2023 and indicates how vulnerable the cryptocurrency market has become. What is even more worrying is the high amounts seized at once.

Scam Sniffer states that a total of $58 million worth of crypto money from 20 victims was stolen. This number shows how large individual losses can reach. But the real record is broken by a single victim, who lost $11 million, making it the second highest theft victim in crypto history. This case reveals how organized and professional fraudsters have become.

Scammers often use “permission signatures” to trap victims. These signatures, such as Permit, IncreaseAllowance and Uniswap Permit2, allow victims to have authority over their crypto assets. This situation reveals a security vulnerability in the technical infrastructure of the cryptocurrency market.

Attackers often reach victims through fake social media accounts or impersonator comments on X platforms and direct them to phishing sites. These sites often mimic the interfaces of legitimate platforms to gain users’ trust. Victims are tricked into making legitimate transactions on these sites that appear to be carried out from their crypto wallets. When they give authorization unknowingly, fraudsters gain access to funds and cause great losses to the victims.

SlowMist, the parent company of Scam Sniffer, also draws attention to security vulnerabilities in the cryptocurrency industry. A report published in early July stated that a total of $20.66 million in stolen funds were frozen on 13 different platforms in the 2nd quarter. This reveals how vulnerable the industry is to threats such as private key leaks, phishing and fraud. To keep their cryptocurrencies safe, users need to examine the security measures offered by the platforms and be cautious about suspicious transactions.

However, security vulnerabilities are not the only threat facing the cryptocurrency market. A new threat appears on the horizon: deepfake. The latest report from cryptocurrency exchange Bitget reveals that deepfake-related cryptocurrency scams have caused losses of over $79.1 billion since 2022. What is even more frightening is that this figure will increase by 245% in 2024. This shows how quickly deepfake technology is adopted by fraudsters.

According to the warning in the report, even if there are international efforts, there is a risk that losses due to deepfake use will reach approximately 10 billion dollars a quarter by 2025. Due to this alarming trend, Bitget predicts that 2024 may end with a loss of $ 25.13 billion.