Scammers Stole $2 Million in NFTs in March 2024 – Scam Sniffer Report| Trending Viral hub

The number of cryptoassets and non-fungible token collections stolen through various hacks and scams saw a sharp increase in March. According to the recent scam detection report, these crypto phishing attacks left more than 77,000 victims and lost more than $71 million. In this article, we will explore this shocking crypto report in depth.

Cryptocurrency and NFT scams hit $71 million in March 2024

Data compiled by scam tracker, an on-chain web3 anti-scam solution, posted on duna.com shows that crypto phishing scams have increased considerably in recent weeks. Last month, crypto phishing scams reached $71 million, representing a 50% increase in stolen funds since February.

Ethereum, the blockchain network that powers the majority of cryptocurrency and non-fungible token projects, was the blockchain network most affected by phishing scams. In March, Ethereum suffered the theft of more than $52 million in crypto assets. The BNB and Base chains were the second and third blockchain networks most affected by phishing activities.

In March 2024, BNB Chain, a blockchain network created by Binance, one of the world’s largest cryptocurrency exchanges by trading volume, had digital assets worth $7 million stolen, while Base Chain, a blockchain network created by Coinbase, another global crypto exchange, We saw the theft of digital assets worth more than 3 million dollars. Stolen funds increased by 500% compared to February.

$1.9 million worth of NFTs stolen in March 2024

ERC-20, a token standard for creating and issuing smart contracts on the Ethereum blockchain, were the most stolen digital assets in March, worth more than $64 million. Ethers were the second most stolen digital asset, worth more than $5 million. Non-fungible tokens were the third most stolen digital assets in March, recording a total loss of $1.9 million.

Stolen NFTs

Source: dune.com, digital assets stolen on March 24

The rise in crypto scams is due to the growing popularity and value of crypto assets, leading scammers to delve into new and old techniques to steal money. Some common tactics scammers employ include creating fake cryptocurrency trading platforms, counterfeit versions of official crypto wallets, fake advertisements, and fake celebrity endorsements to lure victims.

In an April 2 blog post, Scam Sniffer argued that fake X ‘formerly Twitter’ accounts posting misleading comments remain a primary tactic for many scammers and hackers. Crypto detective Scam Sniffer has detected more than 1,517 fake X accounts promoting scams in the last two weeks.

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