Crypto Hack Weekly Report: Phishing, Fake Mining Scams, and $474K Loss in One Week

The post Crypto Hack Weekly Report: Phishing, Fake Mining Scams, and $474K Loss in One Week appeared first on Coinpedia Fintech News

This week in the crypto world, one lost $474,422 to a phishing attack, while another revealed a ₹600 crore plan to help WazirX hack victims. However, scams and vulnerabilities are still ways to defeat users and platforms, reinforcing the necessity for consciousness and integral protection.

$474,422 Stolen From Investor Through a Phishing Scam

An investor was scammed to the tune of $474,422 worth of tokens including $OLAS, $SEKOIA, $VIRTUAL and $FJO, mistaking, the above contract approvals as genuine. As to the type of infection, the attackers started from a fake site and were able to deceive the victim.

Phishing scams, which have made up 40% of the crypto attacks this year, have cost users $1.05 billion internationally. Many of these frauds use websites that are fake as well as utilize social engineering making it essential to practice security habits while transacting.

Coinswitch to Launch a ₹600 Crore Recovery Program

To support 4 million users affected by the $230 million hack on WazirX, Indian cryptocurrency firm CoinSwitch has announced a ₹600 crore ($72 million) recovery program. The following are its incentives; signup offers, referral incentives, and revenue sharing in the next 24 calendar months.

Vietnam’s Crypto Mining Scam Defrauds More Than 200 People

200 Vietnamese victims were defrauded through a fake mining site called BitMiner for VND 4 billion and $157,300. The people who orchestrated the scam relied on marketing which varied from the standard norm and all forms of AI-aided educational content to ensure that members of the public put their trust in the fake website. Police arrested the suspects but the investigations are still ongoing.

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Less Significant Crypto Hacks

Holoworld AI: The official X account of Holoworld AI was hacked with phishing links from attackers.

Virtuals Protocol: A Discord server attack resulted in warning messages to avoid communications with admins until the situation had been fixed.

Orange Finance: Orange Finance faced a $830,000 theft resulting from a misconfiguration of the multi-signature setup. The attacker also abused the spending authority and defunct many balance sheets.

Mosca: A contract vulnerability on the Binance Smart Chain that cost $19,500 to Mosca.

The increase in the number of different attacks requires careful attention and strict measures necessary to protect the crypto community. Stay tuned as we bring more of crypto weekly hack reports!