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Home»TRADING NEWS»Phishing scams surge on Base coinciding with Memecoin craze
TRADING NEWS

Phishing scams surge on Base coinciding with Memecoin craze

By Crypto FlexsApril 5, 20242 Mins Read
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Phishing scams surge on Base coinciding with Memecoin craze
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Ethereum Layer-2 chain-based phishing theft surges

Ethereum layer 2 chain Base has experienced a massive increase in funds stolen through phishing scams, with a nearly 1,900% surge since January. According to data from Scam Sniffer, a blockchain fraud prevention platform, approximately $3.35 million was stolen from Base in March alone, a 334% increase from February and a significant increase from the $169,000 loss in January.

Comparison with BNB chain

The BNB chain operated by Binance also saw a similar increase in phishing scams in March. Overall, the cryptocurrency industry lost $71.5 million to phishers across all chains in March. This figure surpasses the previous month’s figures.

(1/7) 🚨💸 March phishing report by ScamSniffer
Cryptocurrency phishing scams hit $71 million in March, a 50% increase in stolen funds compared to February.
In the first quarter of 2024, phishing scams resulted in a total loss of $173 million. 📈🔒 pic.twitter.com/Z40WHJRYv4

— Scam Sniffer | Web3 Scam Prevention (@realScamSniffer) April 2, 2024

Tactics and Trends

Scam Sniffer highlighted that fake X (formerly Twitter) accounts sharing phishing links remain a key tactic for scammers. The platform detected more than 1,500 incidents in March. The rise in phishing scams on Base is occurring in conjunction with the memecoin craze on Coinbase-backed chains. This pegs Base’s total value at over $3.2 billion so far in 2024, a 370% increase.

Hacking vs. Phishing

While phishing scams are on the rise, cryptocurrency hack thefts fell 48% in March to $187.2 million, according to blockchain security company PeckShield. This decline is due in part to the recovery of $98.8 million in stolen funds during the month, including significant recovery from the $97 million Munchibles exploit.

Notable Hacks and Recovery

Notable incidents include the $40 million loss from Curio’s MakerDAO-based smart contracts and the $11.6 million hack targeting Prisma Finance. Negotiations are currently underway with the hackers to return the funds stolen from Prisma Finance.

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