Nearly every month, phishing becomes more prevalent, constituting a substantial risk on personal and computer networks around the globe.
Tessian Research determined a year ago that employees receive an average of 14 phishing emails annually.
Some industries have taken a heavy blow, with the average retail worker receiving 49.
Anti-virus and Internet security firm ESET observed a 7.3% increase in email-based assaults between May and August 2021, the majority of which were phishing efforts, according to its data.
Even when the cryptocurrency market is facing a crisis, crypto scammers continue to operate in a malicious manner. Cybercriminals are very fond of phishing schemes.
Cardano Gets The Bronze On Most-Phished Crypto Projects Ranking
Cardano is one of the most targeted projects by fraudsters who are increasingly employing phishing to defraud naive consumers.
Cardano was the third most phished cryptocurrency project in the three months ending on June 22, according to URL scanner tool Checkphish, which recorded 191 attempts.
The data analyzed by Checkphish is the same as that of the Atlas VPN team, placing Cardano in the third spot with 191 phishing pages.
Atlas VPN has placed Blockchain.com as the most phished cryptocurrency project with 662 attacks, followed by the cryptocurrency investment software Luno with 278.
Image: Blockchain News
ADA Down 0.7% In Last 7 Days
In the past week, the Cardano (ADA) price fell significantly from the $0.545 resistance zone versus the US dollar. On Tuesday, the ADA/USD pair accelerated below the $0.48 barrier, entering a negative zone.
As of this writing, ADA was trading at $0.4891, down 0.7% in the last seven days, according to data by Coingecko on Tuesday.
ADA price fell below $0.50 and even below the $0.45 support zone, reaching a low of $0.420. Recently, the token began an upward correction over the $0.450 mark.
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Atlas VPN also evaluated Poloniex and Magic Eden, rating them fourth and fifth with 72 and 67 attacks, respectively. Other noteworthy phishing campaigns targeted the cryptocurrency exchange Binance, which recorded nearly 60 breaches, and the peer-to-peer trading platform Paxful, which recorded nine.
The remaining names in the top 10 include crypto wallet software MyEtherWallet with 21 cases, Australian crypto assets exchange BTC Markets with 16 cases, Bitcoin wallet service Electrum with 16, and Japanese crypto exchange bitFlyer with nine.
ADA total market cap at $16.5 billion on the daily chart | Source: TradingView.com
Phishing Scams Expected To Rise
Charles Hoskinson, the founder of Cardano, warned last year that platform-related phishing will continue to increase because of ADA’s growth. Surprisingly, despite the crypto market’s massive decline, the situation has improved in 2022.
Meanwhile, not only do cyber thieves use cryptocurrency to profit, but they do so successfully. In just the first three months of 2022, online fraudsters stole about $330 million worth of cryptocurrency, according to the Federal Trade Commission.
Scams have cost victims more than $1 billion in crypto since last year. In total, $93 million were lost to business impostor scams.
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Featured image Securus Communications, chart from TradingView.com
Cryptocurrency scammers are increasingly leveraging phishing attacks to defraud unsuspecting victims, with Cardano (ADA) ranking among the top most targeted projects.
Within 90 days ending June 22, ADA was the third most phished crypto project recording 191 attacks, according to data shared with Finbold by VPN provider Atlas VPN.
Blockchain ranks top with 662 attacks, while Luno is second at 277. Poloniex and Magic Eden rank in the fourth and fifth spot with 72 and 67 attacks, respectively. Other notable phishing schemes targeted crypto exchange Binance, which recorded 59 incidents, and peer-to-peer trading platform Paxful with nine cases.
Notably, the scammers target crypto projects ranging from investment products to emerging products like non-fungible tokens (NFTs).
Crypto losses projected to surge
Amid the growing number of crypto attacks, the amount lost in different scams hit $329 million in the first quarter of 2022, with projections indicating the figure will likely surge. Since last year, victims have lost over $1 billion in different cryptocurrencies to scams.
As the crypto sector grows, scammers are taking advantage of the lack of knowledge among most consumers to steal their money. Additionally, the absence of clear regulations is driving scammers to defraud victims.
Cardano appears to be among the favorable crypto project appealing to scammers as the platform records increased use cases in its quest to replace established networks like Ethereum.
Cardano scams warning
Last year, Cardano founder Charles Hoskinson warned that scams related to the platform are likely to keep soaring, powered by ADA’s rally. Interestingly, the scams have accelerated in 2022 despite the crypto market experiencing a massive correction.
One notable Cardano scam emerged in May after a downloadable phishing app widely circulated on social media platforms. The malicious app posed as a giveaway promo platform, and victims who downloaded it lost their personal information related to their ADA wallet.
Finbold also reported that a fake website allegedly belonging to the Daedalus crypto wallet was marketed on the distribution platform Discord intending to steal users’ ADA holdings.
To stay safe, investors are advised to keenly check the crypto project website, spelling and grammar mistakes, and if the website is secure with an SSL certificate.