Phishing scams targeting the Ethereum layer-2 blockchain Base skyrocketed in a mere two months, with reported thefts increasing by a staggering 1,900% since January, according to a recent report from the security firm Scam Sniffer.
The 1900% increase coincides with a significant rise in the total value locked on the Ethereum layer-2 chain.
In a sobering illustration of the growing danger of phishing attacks, recent data reveals that the Ethereum layer 2 Base suffered an alarming 18-fold increase in cryptocurrency funds lost to phishing scams in March, compared to the figures recorded in January.
The blockchain-based anti-fraud platform Scam Sniffer reported that phishing scams on the Ethereum layer 2 Base resulted in a total of $3.35 million worth of cryptocurrencies being stolen from unsuspecting users during March.
With startling figures highlighting the rising prevalence of phishing scams on Base, March witnessed a staggering 334% month-on-month increase in cryptocurrency funds stolen through phishing attacks, from February’s loss of $773,900 to March’s whopping $3.35 million.
When compared to January’s figure of $169,000, the increase was an astonishing 1,880%, as analyzed from monthly Dune Analytics data compiled by Scam Sniffer.
Scam Sniffer’s April 2 X post also shed light on a disturbing parallel trend occurring on Binance’s BNB Smart Chain, revealing that the network saw an equally significant spike in phishing scams throughout March.
Phishing scammers defrauded approximately $71.5 million from a total of 77,529 victims across all chains, surpassing the tallies recorded in January and February, which were $58.3 million and $46.8 million, respectively.
According to Scam Sniffer, phishing links originating from fraudulent X accounts continued to be a “primary tactic,” with over 1,500 incidents detected in March.
The sudden influx of phishing attacks on Base’s blockchain coincided with a recent surge in the popularity of memecoins on Coinbase’s favored chain, helping to propel Base’s total value locked to above $3.2 billion—a colossal 370% increase since the beginning of 2024 according to L2Beat.
Despite a 48% decrease in crypto hack thefts to $187.2 million in March, the surge in phishing scams persisted, as reported in an April 1 post by blockchain security firm PeckShield
Taking into consideration the $98.8 million recovered during the month, the total figure reflected the $187.2 million in crypto hack thefts recorded in March.
An overwhelming majority of the March crypto hack recoveries were attributed to the monumental Munchables exploit, which saw nearly $97 million stolen from the popular NFT project.
In the meantime, updated figures from PeckShield revealed that Curio’s MakerDAO-based smart contract incurred a loss of $40 million, while Prisma Finance was targeted in an $11.6 million hack.
Read also: Ethereum Foundation alongside zkSync allocates $900K for ZK Layer 2 development
