According to a recent report by blockchain intelligence platform NOMINIS, crypto-related losses have dropped sharply because hackers are increasingly shifting away from exploiting complex technology and towards manipulating users’ behavior.
According to the firm’s security monthly analysis, approximately $49.3 millions was lost in major crypto-incidents last month. This is a sharp decline compared with roughly $385,000,000 recorded in January.
Researchers say that the smaller total doesn’t necessarily indicate a more secure environment. Attackers are relying more on social engineering to trick people into giving them access to funds.
The report states that authorization abuse was the most common attack vector. Many victims signed malicious transactions unknowingly or approved token spending permissions, which allowed attackers access to their wallets.
The majority of the February losses were caused by a single incident of infrastructure failure.
Step Finance, the DeFi platform based in Solana, suffered a breach that enabled attackers to steal approximately 261,854 SOL worth about $30 Million. Devices belonging to executives had been compromised and exposed private keys, or allowed malicious approvals.
In several other cases, private users were victims of phishing scams, including malicious signatures and address poisoning, in which attackers created wallet addresses that looked very similar to legitimate ones.
One victim sent USDT worth $100,000 to an address that looked similar after mistakenly copying their wrong wallet.
The smart contract vulnerability was still there, but caused less financial loss than attacks that exploited user permissions and operational security errors.
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The information in this post Crypto Hacks Fall to $49.300,000.00 In February as Thieves Change Tactics To Exploit User Behaviour: Blockchain Intelligence firm may change over time.
