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Cyber Crime

Malware Used to Steal Rs 4,100 Crore in Cryptocurrency in 2024

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Cryptocurrency theft hit unprecedented levels in 2024, with over Rs 4,100 crore  stolen from more than 3.3 lakh victims globally, according to anti-scam firm Scam Sniffer.

The main culprit? Wallet drainer malware, a sophisticated tool that deceives users into signing malicious transactions, effectively draining their digital wallets.

A Rising Threat
Losses from wallet drainers surged by 67% compared to the previous year, making 2024 a record-breaking year for this type of cybercrime. The largest single heist amounted to a staggering Rs 460 crore.

Scam Sniffer revealed that while only 30 incidents resulted in losses exceeding Rs 8.5 crore each, these accounted for a combined Rs 1,420 crore in damages. Most attacks targeted smaller wallets, spreading the financial devastation across a vast number of victims.

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 Quarterly Breakdown
The first quarter of 2024 saw the highest number of attacks, with 1.75 lakh victims losing Rs 1,550 crore. This period also coincided with peak phishing website activity, a major channel for wallet drainer malware.

During the second and third quarters, over 90,000 victims collectively lost Rs 2,130 crore. The final quarter saw another 30,000 victims suffer losses totalling Rs 420 crore. Despite a reduction in attack frequency later in the year, the two largest heists—Rs 460 crore and Rs 270 crore—occurred in August and September, respectively.

 The Changing Landscape of Crypto Crime
“Q1 saw the highest phishing activity of the year, explaining the spike in theft during that period,” Scam Sniffer noted. However, activity slowed in the latter half of the year due to market shifts and the withdrawal of major wallet drainers like Pink and Inferno.

The broader cryptocurrency space also faced increasing threats. Chainalysis reported that over Rs 18,000 crore worth of crypto assets were stolen in 2024, a significant rise from previous years.

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Notably, the U.S. government attributed a Rs 2,560 crore Bitcoin theft in December to North Korean state-sponsored hackers, highlighting the growing geopolitical dimensions of crypto crime.

 A Call for Action
The alarming rise in wallet drainer attacks underscores the urgent need for stronger security measures and heightened user awareness in the cryptocurrency ecosystem. As digital assets become increasingly mainstream, so do the risks associated with them.

The crypto community must remain vigilant as cybercriminals continue to refine their methods. As Scam Sniffer aptly put it, “The fight against wallet drainers is far from over, but understanding the threats is the first step toward a safer crypto ecosystem.”

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