Phishing Scams on Ethereum Layer 2 Base Surge 1900% Since January

Phishing scams targeting Ethereum’s layer 2 Base have surged dramatically in recent months, with an 18-fold increase in cryptocurrency funds stolen from January to March, according to data from blockchain anti-scam platform Scam Sniffer. In March alone, approximately $3.35 million was stolen from phishing scammers on Base, marking a 334% increase from February’s tally of $773,900 and a staggering 1,880% spike compared to January’s $169,000 loss.

The rise in phishing scams is not limited to Base, as Binance’s BNB Chain also experienced a similar surge in March, as reported by Scam Sniffer. Across all chains, a total of $71.5 million was lost to phishing scammers in March, with 77,529 victims falling prey to these fraudulent schemes. This surpasses the figures from January and February, which stood at $58.3 million and $46.8 million, respectively.

Scam Sniffer highlighted that phishing links from fake accounts remain a primary tactic for scammers, with over 1,500 incidents detected in March alone. The increase in Base phishing scams coincides with a memecoin craze on the Coinbase-backed chain, which has propelled Base’s total value locked above $3.2 billion, marking a 370% increase in 2024 so far, according to L2BEAT.

Despite the surge in phishing scams, crypto hack thefts actually decreased by 48% in March, totaling $187.2 million, according to blockchain security firm PeckShield. This figure includes the recovery of $98.8 million over the month, with a significant portion coming from the $97 million Munchables exploit. Notable hacks in March include Curio’s MakerDAO-based smart contract losing $40 million and Prisma Finance falling victim to an $11.6 million hack, with ongoing negotiations with the hacker to return the funds.

In response to the rise in phishing scams and hacks, a team of white hat hackers known as ‘SEAL 911′ has been formed to combat crypto hacks in real-time. The crypto community continues to be vigilant against these threats, with efforts to enhance security measures and protect users’ funds in the decentralized finance (DeFi) space.