Fake user identities on X tricked the majority of victims into visiting phishing websites by leaving comments.In February. The most common reason for almost 57,000 victims of cryptocurrency phishing scams on social networking site X was fake accounts.

According to Scam Sniffer’s latest research, cryptocurrency phishing schemes cost victims over $46.8 million last month. The research also points out that phishing comments from fake Twitter accounts lured the majority of the victims to phishing websites.

Examples of impersonating X accounts. Source: Scam Sniffer

Ethereum Mainnet Dominates Theft Statistics

According to Scam Sniffer, 78% of all thefts occurred on the Ethereum mainnet. With ERC-20 tokens making up the majority of stolen assets (86% of all stolen assets).

Users caused the majority of Ethereum token thefts by signing phishing signatures and approving transactions under names like Uniswap Permit2, IncreaseAllowance, and Permit, it was stated.

It also mentioned that the majority of wallet drainers have recently begun to use account abstraction wallets as token approval spenders.

Ethereum wallets can now be compatible with smart contracts and have additional functionality thanks to account abstraction.

February saw less money taken overall than January did, even though there were more phishing victims in February than in January. There was also a significant decline in the number of victims who lost more than $1 million in February.

Screenshot of Scam Sniffer phishing stats. Source: Dune Analytics

High-profile social media profiles are prime targets for scammers. Who hack accounts or pose as authentic users to post phishing links. In February, hackers breached MicroStrategy’s X account, causing a loss of nearly $440,000 in cryptocurrency. Compound Finance, Rocket Pool, Blockchain Capital, and even Vitalik Buterin have also fallen victim to crypto phishing. “Approval phishing” techniques are on the rise, tricking victims into granting access to their wallets. Millennials are the most susceptible generation to investment fraud, per a recent FBI survey.