Ethereum Phishing Attacks Surge in 2024, Resulting in Possible Losses of $500 Million Across 330,000 Addresses

• Crypto phishing attacks in 2024 resulted in an estimated $500 million in losses, affecting over 330,000 addresses.

• Losses peaked in Q1, with $187 million stolen, while Ethereum and staking tokens were the most targeted assets.

• The evolving crypto wallet drainers landscape saw wallet these groups consolidate, with Angel acquiring Inferno.

Phishing attacks by crypto wallet drainers reached alarming heights in 2024, significantly impacting Ethereum and its users.

Ethereum Leads in Crypto Phishing Losses as Attacks Evolve

The thefts occurred in distinct waves. The first quarter (Q1) of 2024 was the most damaging, with $187.2 million lost and 175,000 victims reported. March was particularly devastating, recording $75.2 million in losses, making it the highest monthly figure of the year.

Monthly Crypto Phishing Losses. Source: Scam Sniffer

The second and third quarters (Q2 and Q3) together accounted for $257 million in losses from 90,000 addresses. A notable decline in both the number of victims and the total losses was observed in the fourth quarter (Q4), which saw $51 million stolen from 30,000 victims. This reduction suggests improvements in user awareness and security measures toward the end of the year.

Large-scale thefts remained a significant problem, with 30 incidents exceeding $1 million each, collectively accounting for $171 million. The first half of the year primarily involved smaller-scale thefts ranging from $1 million to $8 million per incident.

However, the second half witnessed larger attacks, with August and September seeing major losses of $55 million and $32 million, respectively. These two months alone contributed to over half of the year’s total from large-scale incidents.

Ethereum suffered the most significant losses, followed by Arbitrum, Base, Blast, and BNB Chain. Regarding targeted assets, staking and restaking tokens experienced the heaviest impact, followed by stablecoins, Aave collateral, and Pendle yield-bearing assets.

Meanwhile, the landscape of wallet drainers evolved throughout the year. In the first half of 2024, three major players — Angel, Pink, and Inferno — dominated the scene.

Crypto Wallet Drainers Evolution. Source: Scam Sniffer

Angel led with 41% market control, while Pink and Inferno held 28% and 22%, respectively. In May, Pink exited the market, leaving Angel and Inferno to vie for dominance. By Q4, Angel had acquired Inferno, signaling further consolidation in the space. Meanwhile, new entrants emerged, adding complexity to the ecosystem.

The sharp rise in phishing attacks and wallet drainers in 2024 underscores the importance of adopting robust security practices and educating users to mitigate risks in the ever-evolving crypto landscape.

Conclusion

As phishing attacks continue to escalate, the crypto community must prioritize security and awareness to protect assets and restore trust in the ecosystem. The lessons learned from 2024 will be crucial in shaping safer practices for the future of digital currencies.