Coinbase Base’s chain is a popular target for scammers. In fact, two of the ten largest thefts in a single month occurred within the Base network. This accounted for 20% of total monthly theft.
There was a decline in crypto hacks in April as compared to the previous month, but some networks experienced a spike in scamming activity. Scammers are exploring new methods to lure their victims to other platforms. According to data Scam Sniffer is Coinbase’s Base The network is built on the top of it Ethereum Blockchain, a leading blockchain-based fraud detection service, saw a surge of 145% in scam activities in April.
Blockchain intelligence firm said that since January there has been a 1,900% increase in fraudulent activity on the Base Network. Around $170,000 worth of cryptocurrency was stolen through phishing schemes. In just April, 90% of stolen assets were ERC-20 Tokens. These are the tokens that run on the Ethereum blockchain. Scam Sniffer reports that common phishing signatures like Permit, IncreaseAllowance and Uniswap Permit2 are responsible for major losses.
Although April marked the first time that crypto attacks declined, the trend continued in May. significant decrease in 2024, large incidents still occurred. Hedgey Finance is a platform for token infrastructure. They lost approximately $47,000,000 in crypto. Due to a security flaw in a service provider, the Fix Float cryptocurrency exchange was the target of the second-largest attack. The hack resulted with the theft of $3.3 million of crypto. Hackers made $2.67million from the third largest attack against Grand Base.
More than 401 millions dollars were stolen in total due to hacks You can also find out more about the following: rug pulls since the beginning of the year, a 25.1% decrease compared to the same period last year, when more than $536 million worth of hacks occurred, according to Immunefi.
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Source: crypto.news