Bittime - Cryptocurrency (crypto) theft on Coinbase's Base network skyrocketed by 145% in April. This is based on data from Scam Sniffer, a real-time Web3 (third generation web) anti-scam platform.
This increase in fraudulent activity occurs even though overall cases of crypto theft have decreased in other sectors.
Base Network Becomes Attack Target
Scam Sniffer posted their monthly Phishing report in April. The report stated that the Base network experienced a significant increase in theft compared to the previous month.
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Interestingly, 2 of the 10 largest thefts in April occurred on the Base network. This crime caused a loss of 21% of the total crypto theft recorded in April.
Overall, fraudulent activity on the Base network has increased approximately 1,900% since January. As a result, approximately $170,000 was lost to phishing scams.
Also read: Solana: Memecoin & Scam Boom, Is That All?
Scam Sniffer Report
The report from this anti-fraud intelligence platform shows that a total of 34,619 victims lost more than $38.6 million in April. This figure is down 46% compared to March.
The report also stated that 88% of all assets stolen that month were ERC20 tokens (the token standard on the Ethereum blockchain). This theft comes from various phishing signatures, including Uniswap Permit2, IncreaseAllowance, and Permit.
According to the report, fraudsters prefer to deceive people by creating fake Twitter accounts and posting deceptive comments.
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Beware of Crypto Wallet Theft
This platform warns users to be careful and alert to the use of wallet drainers. This is dangerous malware designed to quickly drain crypto wallets after gaining illegal access.
Unfortunately, although some wallets have raised phishing warnings for certain signatures, the report states that wallet drainers have found ways to bypass these warnings.
Also read: Base Developer Announces Plan to Improve Base Network Performance
Example of a Grand Theft Case
One of the biggest hacks was the Hedgey Finance hack, which cost around $47 million. Last month, hackers stole millions of dollars worth of Arbitrum (ARB) tokens and moved some of the funds to the Bybit exchange.
Another major hack was the disappearance of $3 million worth of crypto tokens from the Fix Float exchange, which was traced to a third-party provider. There's also Grand Base, which lost $2.67 million due to a hack.
Theft in Q1 2024
According to a report from on-chain security company CertiK, there were 223 exploits (attacks) in the 1st quarter of 2024. All of these breaches resulted in the theft of crypto assets worth more than $502 million.
CertiK's Hack3d report notes that the figure is a 54% increase compared to the total recorded in Q1 2023, where $326 million in crypto was stolen.
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Worst January
CertiK noted that January was the worst month for crypto users. The month ended with the loss of $193 million worth of crypto assets from 78 on-chain exploits.
The most common type of hacking was private key theft, which resulted in $239 million in losses from 26 incidents. Code vulnerabilities (bugs) caused $42.6 million in losses from 47 incidents, while exit scams caused $68.3 million in losses from 34 incidents.
Interestingly, hackers recovered more than $779 million in crypto assets in the quarter. Most of it stems from the Munchables incident.
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Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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