Zachxbt’s Intervention Halts a 6-Figure Scam Amidst the Rise of Crypto Phishing Attacks

The post Zachxbt’s Intervention Halts a 6-Figure Scam Amidst the Rise of Crypto Phishing Attacks appeared first on Coinpedia Fintech News

The infamous on-chain sleuth, Zachxbt has been making news due to his rapid response to crypto phishing scams that prevented crypto from falling into the wrong hands. 

Zachxbt in his x post revealed that he averted a phishing attack that caused a theft of six figures from a victim. The attacker was a customer of a popular draining service but in the end, Zachxbt and the team worked together and blacklisted the phishing scammer, thus stopping the dump of the DSYNC token on innocent holders.

Crypto phishing scams reach the peak, over $71 million stolen

In the recent ScamSniffer report, a leading scam detection service, crypto phishing scams reached $71 million in March and that reflected a 50% increase as compared to the stolen funds in February. During the first quarter of 2024, the total phishing losses amounted to $173 million, presenting the growing problem that users of cryptocurrency face.

The report discloses that in most cases more than 90% of the stolen assets are the ERC20 tokens with Pendle Yield tokens being most targeted in recent phishing attempts. For example, Permit, IncreaseAllowance, and Uniswap Permit2 signatures are often manipulated to achieve that objective.

With the help of ZachXBT, the exploitation of crypto holders was stopped during the attack ensuring the blacklisting of the phishing scammer and this led to the quick refreezing of $4.2 million worth of stolen $ALI tokens.

Twitter impersonation takes up the platform

The report, although striving to fight phishing scams, pinpoints the use of fake Twitter accounts as a major tool for fraudsters. These accounts pretend to be where real projects and influencers are and they post fake comments to attract partners in fraudulent schemes. 

ScamSniffer detected up to 1517 fake accounts in the past two weeks revealing the immensity of the challenge facing the whole crypto community.

While the cryptocurrency industry is constantly improving and developing, staying vigilant and taking active measures are certainly the key to protecting people’s digital assets from phishing scams and other malicious activities. 

It is the shared work of influencers such as Zachxbt and platforms like ScamSniffer that help to assure the investors’ abilities and safeguard the crypto exchange. Be informed and be alert to protect your crypto assets from phishing attacks or activities of illicit actors.