The year 2024 saw a significant rise in phishing attacks in the crypto industry, with 296 attacks costing the industry $1.05 billion. This accounted for 40% of the total crypto stolen last year, highlighting phishing as the most effective cyber attack method. The average cost per phishing attack was around $2.8 million, with the largest number of attacks targeting the Ethereum network. Losses from phishing attacks have increased drastically year-to-year, particularly in 2023-2024. Phishing targets users' weaknesses rather than technical safeguards, exploiting them to obtain private keys or wallet passwords. To protect against phishing, individuals should be cautious of messages from unfamiliar sources, verify links and senders before clicking, use hardware wallets for storage, check recipient wallet addresses, enable two-factor authentication, regularly update software, and use anti-phishing tools. It is also important to perform cryptocurrency actions on secure networks to minimize risks.



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