Recent data indicates a staggering surge in cryptocurrency theft through phishing scams on Ethereum Layer 2 Base, with figures soaring to 18 times higher in March compared to January statistics. According to Scam Sniffer, a blockchain anti-fraud platform, phishing scammers managed to pilfer approximately $3.35 million from Base users in March alone.
This drastic increase represents a staggering 334% rise from February's $773,900 and an astronomical 1,880% surge from January's modest $169,000, as reported by monthly Dune Analytics data compiled by Scam Sniffer. Furthermore, Binance’s BNB Smart Chain witnessed a similar surge in phishing scams in March, with an estimated $71.5 million lost by 77,529 victims across all networks.
Scam Sniffer highlighted that Base is anticipated to face even more phishing attacks in the current month as both on-chain assets and active users continue to escalate. The platform also emphasized that phishing links from counterfeit accounts, particularly those mimicking prominent entities like X, remain a prevalent tactic, with over 1,500 incidents detected in March alone.
The surge in phishing scams on Base coincides with the recent hype surrounding meme coins on Coinbase-backed chains, which has propelled Base's total value to over $3.2 billion, marking a remarkable 370% surge in 2024 so far, as per L2Beat data. Despite this surge, recoveries totaling $98.8 million were recorded during the month, with the majority stemming from the $97 million Munchibles exploit.
Notably, cryptocurrency investigator ZachXBT is among the individuals working as a custodian to recover the stolen funds. Meanwhile, Curio's MakerDAO-based smart contracts fell victim to an $11.6 million hack, resulting in $40 million in losses, according to the latest data from PeckShield and Prisma Finance. The company is currently engaged in discussions with the on-chain hackers to facilitate the return of the funds.
