Phishing Attacks Drain $494 Million from Crypto Users In 2024, Report Shows

In 2024, nearly $500 million in cryptocurrency was stolen from over 332,000 victims due to wallet drainer malware, according to the anti-scam firm Scam Sniffer.

These types of attacks, known as “wallet drainers,” trick victims into signing harmful transactions, allowing cybercriminals to steal their crypto assets.

Wallet drainer attacks saw a staggering 67% increase in losses compared to the previous year, with the total amount stolen reaching $494 million. Although the number of victims rose slightly by 3.7%, the amount stolen per attack grew significantly. The largest single theft amounted to over $55 million.

Wallet drainer malware typically operates through phishing websites, where unsuspecting users are lured into signing malicious transactions. Once the user authorizes the transaction, the malware gains access to their crypto assets.

Scam Sniffer says these attacks primarily target users of EVM-compatible blockchain networks, such as Ethereum, Arbitrum, and BNB Chain. Scam Sniffer’s analysis reveals that wallet drainer attacks followed a distinct pattern in 2024. The first quarter of the year saw the highest number of victims and losses, totaling $187.2 million.

As the year progressed, however, the number of victims decreased, and security awareness seemed to improve. In the second half of the year, the frequency of large-scale thefts dropped significantly.

Some notable trends include a rise in phishing attacks linked to specific malware types like Pink Drainer and Inferno Drainer, which dominated the first half of the year. By the end of 2024, however, these threats had evolved, with new players entering the scene.

Victims often suffer losses in popular cryptocurrencies like stablecoins and staking tokens. In total, 30 major thefts exceeding $1 million each contributed to the $171 million stolen in large-scale attacks.

To protect against wallet drainer threats, Scam Sniffer recommends users remain vigilant about unsolicited messages and only download apps from trusted sources. Security measures, including using up-to-date anti-malware tools and verifying transactions through different channels, are essential to safeguarding digital assets.