On Coinbase, Crypto Thefts See a 145% Increase in April

Bittime - At Coinbase, crypto thefts saw a 145% increase last April.

There are still many cases of fraud and theft in the crypto world. Any party can be a target for theft, including Coinbase .

Crypto Theft on Coinbase Increases

According to data obtained from real-time anti-fraud platform Web3 Scam Sniffer, Coinbase Base Chain has seen an increase in crypto theft cases over the past month. 

According to the platform's report, Coinbase experienced a significant 145% increase in fraudulent activity in April.

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Scam Sniffer Report Details

Sourced from Post Thread X

Scam Sniffer posted a thread on X outlining the Phishing Report for April. 

In the second entry of the thread, the platform indicated that Base Chain experienced a significant increase in theft cases compared to the previous month, despite an overall decline in the sector. 

The post also noted that two of the ten largest single theft cases that month occurred in Basis. 

These cases accounted for 21% of the total thefts recorded in April.

Source: https://twitter.com/realScamSniffer

Overall, Base has seen an approximately 1,900% increase in fraudulent activity since January. This resulted in a loss of approximately $170,000 due to phishing scams.

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Victim Details

Overall, reports from anti-fraud intelligence platforms show that 34,619 victims lost more than $38.6 million in April. 

This figure shows a decrease of 46% compared to the figure in March. ScamSniffer also highlighted that 88% of all assets stolen that month were ERC20 tokens. 

Also Read: About Airdrop Scams in Crypto and How to Anticipate Them

These theft cases come from various phishing signatures, such as Uniswap Permit2, ImproveAllowance, and Permit. 

According to the report, fraudsters tend to use fake Twitter accounts and make deceptive posts.

Prevention

In an effort to warn users to be careful, Scam Sniffer also highlights the use of wallet drain tools, which are illicit malware tools designed to quickly drain wallets after successfully gaining illegal access. 

However, although some wallets have raised phishing alerts for some known signatures, the Phishing Report states that wallet drainers have found ways to circumvent the alerts.

Also Read: Get to know about Phone Phishing and Steps to Prevent it

One of the largest hacks to occur was the hack at Hedgey Finance, which resulted in a loss of approximately $47 million. 

Last month, a hacker managed to steal millions of dollars worth of Arbitrum (ARB) tokens and transfer some of the funds to the Bybit exchange. 

Another major hack case included the disappearance of $3 million worth of crypto tokens on the Fix Float exchange, which was traced to a third-party provider. 

Apart from that, there was also a hacking case on Grand Basis, which resulted in a loss of $2.67 million.

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Crypto Theft Cases Throughout Q1

Based on a report from on-chain security company CertiK, there were 223 cases of exploitation that occurred during the first quarter of 2024. 

This entire breach resulted in the theft of over $502 million worth of crypto assets. 

The CertiK Hack3d report noted that this number increased by 54% from the total recorded in the first quarter of 2023, where $326 million worth of crypto was stolen.

CertiK also noted that January was the worst month for users. The month ended with the theft of $193 million worth of crypto assets in 78 cases of on-chain exploitation. 

Also Read: Be alert! Crypto Theft on Coinbase Network Jumps 145% in April

The most common breach stemmed from private key infiltration, resulting in $239 million in losses in 26 incidents. 

Vulnerabilities in the code led to losses of $42.6 million in 47 cases of exploitation, while theft of assets worth $68.3 million occurred in 34 cases of fraud. 

Interestingly, hackers recovered over $779 million worth of crypto assets in the quarter, with most of it coming from the Munchables incident.

In the previous year, a report from blockchain security platform Immunefi concluded that fraudsters and hackers made off with around $1.8 billion. 

The report blamed North Korea-linked hacking group Lazarus Group for 17% of the total losses.

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Learn Complete Guide How to Buy Crypto on Bittime . 

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.