Wallet Drainers Make Off with $295 Million from 320,000 Users | Crypto Retro

Wallet Drainers Make Off with $295 Million from 320,000 Users in 2023

Popular crypto phishing scams drained almost $300 million from 320,000 users in 2023 with figures increasing monthly as bad actors deploy sophisticated techniques.

In a recent publication, cryptocurrency security firm, Scam Sniffers analyzed the market trends in the previous year stressing the activities of bad actors amid growing asset prices and extensive regulatory activities.

According to the report wallet drainers deployed on phishing websites achieved some “level of success” tricking users into signing big false transactions leading to loss of assets and more regulatory scrutiny in the markets.

“Over the past year, phishing activities have steadily increased each month with phishing scammers employing more sophisticated tactics to evade security measures. Scam Sniffer has made findings on “Wallet Drainers” that warrant the industry’s full attention.”

In total, wallet drainer scams recorded took out $295 million from 324,000 victims last year with airdrops and hacking incidents seen in several months. Notably, March saw larger activities linked to the price fluctuations of USD Circle.