Cybercrime activities are in full swing despite being in a bear market. Over the past three months, many projects have fallen victim to phishing attacks, including such as Cardano and Binance. From prominent names to not-so-prominent names, attackers have targeted crypto projects across the spectrum.
According to a recent report by VPN provider Atlas VPN, Cardano took bronze by placing third on the list of expansive crypto projects. In just the last 90 days [ending June 22]it recorded 191 attacks.
Above Cardano stood Blockchain with 662 attacks and Luno with 277. Poloniex and Magic Eden were placed in 4th and 5th place respectively, after registering 72 and 67 attacks.
Other prominent names that made it onto the list were Bybit, MyEtherWallet, Bittrex and Magic Eden. With 59 registered attacks, Binance also appeared on the list in the first half.
Ever-increasing numbers
According to the Federal Trade Commission, scammers lured $ 329 million worth of cryptocurrencies in the first quarter of this year alone. As seen below, the number is much higher than the annual numbers for 2018, 2019 and 2020.
This year’s Q1 numbers are almost halfway equal to what was registered throughout 2021.
What to make of it all?
During the first days, it was quite challenging to detect attacks. Consequently, the number of unreported attacks must be exact. With the numbers rising, it can be deduced that technology is advancing, and so is the number of attack detection platforms.
The same also indicates the macro increase in the number of attacks. Now it’s a known fact that developers worked day in and day out on top projects like Cardano and Binance. Despite this, they were a constant target of the attacks, and there was no solution to stop attacks completely.
Loopholes always exist, and scammers usually find their way in and out. It is therefore always important for investors to protect themselves from direct exposure to attacks by spotting red flags by conducting research and not blindly pursuing returns.