A crypto investor lost over $520,000 after falling for a fake cross-chain bridge scam. The victim, who owned 22,415 LINK tokens (worth approximately $525,000 at the time), was tricked into signing a malicious transaction on January 4, according to Web3 security platform Scam Sniffer.
The attack targeted Telegram-based decentralized finance (DeFi) groups, preying on users looking for faster transition solutions. Scammers have created a fake crypto bridge website to steal funds from unsuspecting holders.
Research from Scam Sniffer highlights that wallet-draining phishing scams are on the rise in 2024. More than $494 million has been lost to such attacks, with more than 332,000 crypto addresses compromised, representing an increase of 67% of losses from one year to the next. In some cases, the thefts exceeded $55 million.
Fraudulent advertisements and phishing schemes have also become more sophisticated. Scam Sniffer has previously reported scams using Google ad campaigns to direct users to fake websites, like one imitating Pudgy Penguins. Recently, blockchain security company SlowMist discovered that scammers are now using Zoom to deceive crypto users.
With scams becoming more common, Scam Sniffer urges crypto holders to check URLs before clicking and avoid links from unknown sources. They also caution against trusting people who seem too eager to help, as scammers often create a sense of urgency.
Also Read: Crypto Lost $2.2 Billion to Hackers: Top 5 Hacks of 2024
