As the calendar turns to 2024, the crypto market faces increased threats from cybercriminals. Indeed, hackers have been employing more sophisticated methods to part investors from their cryptocurrencies. According to Chainalysis, illicit addresses received over $24 billion in 2023, a stark reminder of the persistent risk.
The proliferation of scams, ranging from ransomware and phishing emails to darknet marketplaces, underscores the critical need for vigilance among crypto enthusiasts. So, here are the top crypto scams to avoid in 2024.
Beware of Smishing Attacks
One insidious tactic gaining traction is “smishing.” This method involves sending fraudulent SMS messages pretending to be from reputable sources, such as cryptocurrency exchanges. Basically, the goal is to trick recipients into divulging sensitive information or clicking on malicious links.
The term “smishing” merges “SMS” and “phishing,” highlighting its nature as a phishing attack via text message. IBM describes smishing as a social engineering attack aimed at manipulating individuals into compromising their security.
To counteract this threat, users are advised to scrutinize the origin of text messages and avoid engaging with suspicious links.
For smishing scams within the crypto market, a notable incident involved Binance, one of the largest cryptocurrency exchanges. The platform and its user
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Author: Bary Rahma
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