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.

In his X post, Zachxbt disclosed that he stopped a phishing attempt that resulted in a victim's six figures being stolen. In the end, Zachxbt and the group collaborated to blacklist the phishing scammer, blocking the dump of the DSYNC token on unsuspecting holders. The attacker was a client of a well-known draining service.

Peak cryptocurrency phishing scams see almost $71 million taken in.

Leading scam monitoring service ScamSniffer recently released a report stating that cryptocurrency phishing scams took in $71 million in March, a 50% rise over monies stolen in February. The entire amount of money lost to phishing schemes in the first quarter of 2024 was $173 million, highlighting the increasing issue that cryptocurrency users must deal with.

The document 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.

Impersonation on Twitter gains traction

The report identifies the use of fictitious Twitter accounts as a key weapon for con artists, despite its efforts to combat phishing scams. In order to entice partners in fraudulent schemes, these accounts make fictitious remarks and pose as locations of actual projects and influencers.

Up to 1517 fraudulent accounts have been found by ScamSniffer in the last two weeks, highlighting the enormous challenge that the entire cryptocurrency ecosystem faces.

Even though the cryptocurrency space is always growing and changing, the best way to safeguard people's digital assets against phishing schemes and other harmful activity is to be proactive and keep alert.

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.