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Phishing Scams Surge Amid Ethereum Layer-2 Chain Growth

TL;DR

  • Ethereum layer-2 chains like Base and BNB Smart Chain saw a massive increase in phishing scams, with $3.35 million stolen in March alone.
  • Phishing scammers use fake accounts and prey on the memecoin craze, contributing to the surge in scams.
  • Despite a 48% decline in crypto hack thefts in March, challenges remain as platforms negotiate to recover stolen funds.

One of the most recent crysis is that Ethereum layer-2 chain record has become the target of phishing scams, with plenty of them happening on web-based platforms like Base and BNB Smart Chain . While the sharp rise of the linked layer-2 channel value is significant, to say the least, it further corroborates the massive red flags for the investors in the crypto world.

Phishing losses reach alarming heights

The last couple of latest surveys, which was processed by a blockchain anti-fraud platform Scam Scanner, shows a very alarming and concerning factor in the cryptocurrency industry. The attacks on Base, a centralized exchange on the Ethereum layer-2, have skyrocketed nearly 1,900% during the last two months. March itself shone as the month where the authorities have been scoping the stolen $3.35 million from simple-minded criminals whereas $182,300 were seized in January.

Much like the same, the BNB Smart Chain belonging to the Binance was strongly targeted by phishing scams in the March period, this was brought into the public domain by Scam Sniffer. The amount of victimization by phishing scammers in all chains accumulated up to at least $71.5 milliion at the end of March and he has been greater than the figures of the earlier time.

Attackers are still sending the links, which are made to impersonate the original account, in their phishing e-mails as the most important method. According to a recent report, over 1,500 incidents were discovered last March only. With memecoin hype rampant on the Coinbase-affiliated chain, we are seeing a trend of aiming scams at the heights of the prices there. The crescendo has pushed up the total value locked at Base markets reaching over $3.2 billion, which represents a phenomenal hit compared to the opening establishments’ records in 2024.

Crypto hack thefts decline

As high-profile phishing attacks become increasingly popular, crypto hack thefts had a drop of 48% in March, as it was reported by PeckShield security firm working in the blockchain. Tothe, thefts accounted for the sum of $187.2 million, however, recovery of the stolen sum amounted to the $98.8 million, thus, the difference, when taken into account, defines the net monthly value.

Distinguished recoveries comprise of cryptocurrencies from the Mamencions Munchibles attack which raised $97 million, Zachxbt, among those, was included as the custodian in the recovery process. Consequently, certain barriers exist too, as the MakerDAO-based smart contract smart employed by Curio incurred a loss amounting to $40 million, and the safekeeping of funds for Prisma Finance was hacked up to the tune of $11.6 million. The second option is consulting with the hacker on the blockchain to pull back the assets back that were stolen.

Base layer 2 and BNB Smart Chain Ethereum scam promotion and phishing scams underpin the stimulus of risk that cryptocurrency investors see on a constant basis. Scammers are skilled in identifying system hiccups thus, even after dealing with such malicious activities, the losses reported due to illegal conduct keep on accumulating. Cryptocurrencies are at the forefront of this inevitable evolution, and therefore, continuous alertness and prudence are imperative highlights for every player to effectively secure and preserve their wealth.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Ibrahim Abdulaziz

A fervent advocate, Ibrahim shares his wealth of knowledge on crypto and blockchain technology in an engaging and informative style. He frequents places where influencers gather for his next scoop. His vision is that the decentralized nature, security features, and potential for financial inclusion will drive widespread massive crypto adoption.

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