Most scammed blockchains revealed in a new study

• New data has revealed cryptocurrency users lost a huge $74,487,764 through phishing scams last year, as it was the sixth most prevalent exploit  
• The findings follow an analysis of the REKT Database, identifying the most common scams, cumulative losses, and the most affected blockchains 
• Of the $74.4 million lost due to phishing, the majority (91%) affected Ethereum users, as the blockchain lost more than $68.5 million in 2023  
• An expert identifies the warning signs that indicate a crypto phishing scam, warning users to be wary of ‘too good to be’ true returns on investment 

A new analysis has found cryptocurrency users who were hit by phishing scams last year lost a whopping $74.4 million, with Ethereum named the most vulnerable blockchain.

RELATED: Revealed: How to avoid a cryptocurrency scam

According to a new analysis of the REKT Database from crypto experts CryptoCasinos cryptocurrency users lost more than $1.7 billion ($1,759,850,729) due to exploits and exit scams last year, with phishing proving one of the most prevalent issues.

The analysis reveals the scams with the largest losses – also accounting for returned funds – and the most targeted blockchains, with phishing scams resulting in $74,487,764 lost.

A cryptocurrency phishing scam sees cybercriminals target users’ eWallet via schemes like fake websites, counterfeit tokens or coins, or fraudulent emails. Users are encouraged to share their private details or private keys, which scammers use to access and drain funds.

While some targeted users hit by other scams could recover their lost sum, the data found that nobody who reported a loss due to phishing successfully regained their funds.

Some blockchains were found to be more vulnerable to phishing scams than others, with the majority of losses recorded last year for Ethereum ($65,518,188), accounting for 91% of the total ($74.4 million). Arbitrum ($5.2 million lost) and Bitcoin ($768k lost) were also affected.

The analysis also shows that March is the riskiest month for cryptocurrency users, as the month reports the highest average losses ($28,911,395) due to phishing scams to date.

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Other common scams reported last year include access control exploits and rug pull exit scams. Control exploits see scammers exploit a system vulnerability to gain direct access to user credentials or data, resulting in $851,841,105 funds lost in 2023.

Rug pull exit scams see scammers aggressively promote a token via fraudulent means and then liquidate invested funds without warning, resulting in losses of $412,204,346 last year.

Ethereum was the blockchain most affected by access control exploits, with users losing a huge $482.7 million last year. The blockchain most vulnerable to rug pull exit scams came out as Binance, with users reporting $74.5 million lost.

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