The increased adoption of blockchain technology and cryptocurrency has seen a parallel rise in security breaches, including theft, phishing and fraud. SlowMist, a leading blockchain security company, recently released its second quarter MistTrack stolen funds analysis report. The report looks at cryptocurrency thefts that occurred in the second quarter of 2024. SlowMist's MistTrack team received 467 reports of stolen funds during this period, resulting in the freezing of approximately 20.66 million dollars on 13 platforms.
The report highlighted three major industry vulnerabilities that have contributed to cryptocurrency theft. It also suggested steps users can take to safeguard their funds. A common mistake by users is to store private keys in cloud services such as Google Docs or Baidu Cloud, or share them through messaging platforms such as WeChat. This makes them susceptible to credential stuffing attacks and phishing scams.
Another threat identified was the use of fake wallets. Despite being a long-standing problem, users continue to download counterfeit wallet apps from third-party sites, putting their security at risk. Phishing, especially through malicious links in comments under tweets of notable projects, remains a widespread threat. Phishing groups create similar-looking Twitter accounts and use promotional tools to enhance their credibility, thus tricking users into clicking on phishing links and compromising their assets.
Honeypot schemes were the most common type of fraud in the second quarter. Scammers lure victims with high returns on new tokens. Once these tokens are purchased, they cannot be resold, effectively trapping the victim's funds. Most honeypot incidents occur on the Binance Smart Chain (BSC), taking advantage of the excitement around meme coins and “shit coins”.
To mitigate these risks, the report advised crypto users to use resources like Scam Sniffer to thwart phishing attempts and increase their vigilance. Users should also verify addresses using tools such as MistTrack or GoPlus token security detection, review contract audits on platforms such as Etherscan or BscScan, and perform thorough background research on the project.
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