Recent data indicates a worrisome surge in crypto scams on Coinbase's Main blockchain network, with April witnessing a sharp 145% increase in fraudulent activities compared to previous months. This sudden rise sheds light on a concerning trend where scammers are increasingly targeting the Main network, exemplified by two of the ten largest single thefts occurring within its ecosystem, constituting over 20% of the total theft tally for the month.

While overall crypto hacks decreased in April, certain networks experienced heightened scam activities, as scammers devised new strategies to entice victims onto their platforms. Insights from Scam Sniffer revealed that Coinbase’s Main network, built atop the Ethereum blockchain, observed a marked increase in scam occurrences, showcasing vulnerabilities within the system.

Statistics from the blockchain intelligence firm point to a notable uptick in fraudulent activity on the Main network since January, with phishing scams alone resulting in losses of around $170,000. During April, close to 90% of the stolen assets were ERC-20 tokens, the standard token format on the Ethereum network. Predominantly, common phishing methods like Permit, IncreaseAllowance, and Uniswap Permit2 were identified as major contributors to these losses, accentuating the urgent need for enhanced security measures.

Despite an overall decrease in crypto attacks in April, significant incidents surfaced, underscoring the persistent menace posed by malicious entities. The most substantial reported breach involved Hedgey Finance, a token infrastructure platform, which suffered losses amounting to approximately $47 million. Furthermore, vulnerabilities in a third-party service provider culminated in a $3 million theft from the Fix Float exchange, while hackers exploited Grand Base, raking in $2.67 million from the attack.

In total, losses from crypto-related hacks and rug pulls tallied over $401 million since the beginning of the year, marking a 25.1% decline compared to the same period in the preceding year. However, the prevalence of such incidents accentuates the ongoing struggles faced by the crypto industry in clamping down on fraudulent activities, as underscored by data from Immunefi.