Cryptocurrency Phishing Losses Surge by 215% in August 2024
August witnessed a dramatic 215% increase in cryptocurrency phishing losses, amounting to $63 million, compared to the previous month. A major DeFi protocol hack on August 20 contributed significantly, resulting in a $55 million loss from a single incident. Despite fewer victims, the effectiveness of phishing attacks underscores growing security challenges in the crypto market, highlighting the need for enhanced protective measures and user awareness.