","button_title":"Play-to-Earn Game List","span_one":"No obligations","span_two":"Free to use"}},"header":{"homepage":"Homepage","Game Reviews":"Game Reviews","Game List":"Game List","Developers":"Developers","Developer List":"Developer List","Gaming News":"Gaming News","search":"Search","local":"en","Popular P2E Developers":"Popular P2E Developers","Play To Earn Games":"Play To Earn Games","P2E Games":"P2E Games","Crypto Games":"Crypto Games","Web3 Games":"Web3 Games"},"meta":{"title":"Games to Earn, Blockchain, NFT, P2E Games List","description":"Play hundreds of games! Games to Earn, P2E, Blockchain, NFT, Crypto, Web3 Games. Read game reviews and start playing right away. Play now!","ogType":"article","keywords":"NFT Games, Crypto Games, Earning Games, Earning Games, Blockchain Games, P2E Games"}}},"initialLocale":"en","ns":["news_letter","singleNews","singleGame","footer","common","header","meta"],"userConfig":{"i18n":{"locales":["en","hi","fr","es","de","pt","nl","tr"],"localeDetection":false,"defaultLocale":"en","domains":[{"domain":"playtoearngames.com","defaultLocale":"en"},{"domain":"hi.playtoearngames.com","defaultLocale":"hi","locales":["hi-IN"]},{"domain":"fr.playtoearngames.com","defaultLocale":"fr","locales":["fr-BE","fr-CA"]},{"domain":"es.playtoearngames.com","defaultLocale":"es","locales":["es-GT","es-MX"]},{"domain":"pt.playtoearngames.com","defaultLocale":"pt","locales":["pt-BR"]},{"domain":"de.playtoearngames.com","defaultLocale":"de","locales":["de","de-DE","de-AT","de-CH"]},{"domain":"nl.playtoearngames.com","defaultLocale":"nl","locales":["nl-BE"]},{"domain":"tr.playtoearngames.com","defaultLocale":"tr"}]},"trailingSlash":true,"default":{"i18n":{"locales":["en","hi","fr","es","de","pt","nl","tr"],"localeDetection":false,"defaultLocale":"en","domains":[{"domain":"playtoearngames.com","defaultLocale":"en"},{"domain":"hi.playtoearngames.com","defaultLocale":"hi","locales":["hi-IN"]},{"domain":"fr.playtoearngames.com","defaultLocale":"fr","locales":["fr-BE","fr-CA"]},{"domain":"es.playtoearngames.com","defaultLocale":"es","locales":["es-GT","es-MX"]},{"domain":"pt.playtoearngames.com","defaultLocale":"pt","locales":["pt-BR"]},{"domain":"de.playtoearngames.com","defaultLocale":"de","locales":["de","de-DE","de-AT","de-CH"]},{"domain":"nl.playtoearngames.com","defaultLocale":"nl","locales":["nl-BE"]},{"domain":"tr.playtoearngames.com","defaultLocale":"tr"}]},"trailingSlash":true}}}}Crypto Scam Epidemic: $310M Lost in August by Projects, Revealed by CertiK - Play to Earn Games News
Crypto Scam Epidemic: $310M Lost in August by Projects, Revealed by CertiK
Reinout te Brake | 02 Sep 2024 11:44 UTC
August witnessed a surge in crypto-related scams, resulting in the loss of a staggering $310 million to various exploitations. This total marked the second-highest monthly loss this year. According to a report from blockchain security firm CertiK, $10.3 million of the stolen assets were eventually recovered or returned, leaving the net loss at $300.6 million. The most damaging incidents were phishing attacks, accounting for approximately $293 million of the total losses.
Two Phishing Attacks Lead to Loss of $238M
Two major phishing attacks in August resulted in the theft of $238 million in bitcoin and $55 million in DAI stablecoin. Apart from phishing, other notable losses in August included attacks on various crypto projects. For instance, the Ronin Network, an ethereum Virtual Machine (EVM)-based sidechain, fell victim to a white hat hacker on August 6, resulting in the theft of 4,000 ETH valued at $9.85 million at the time.
Additionally, there were flash loan attacks in August, though they resulted in lower losses of $1.2 million compared to previous months. Interestingly, exit scams showed a significant decline, with losses dropping to $800,000 in August, down from around $3 million in July.
As per reports, scammers are increasingly using crypto ATMs and kiosks in their schemes to deceive unsuspecting victims. The FBI's Internet Crime Complaint Center received over 2,000 complaints related to cryptocurrency ATMs and kiosks in 2023 from individuals aged over 60.
crypto-transactions-drop-in-2024">Illicit crypto Transactions Drop in 2024
A recent Chainalysis report highlighted a decline in overall illicit cryptocurrency transactions in 2024, despite a surge in specific criminal activities within the sector. Released as part of the mid-year crypto crime update on August 15, the report revealed an increase in hacking and ransomware attacks.
Two categories, stolen funds through hacking and ransomware attacks, particularly saw a surge. By the end of July, the cumulative value of stolen cryptocurrencies reached $1.58 billion, marking an 84% increase compared to the same period in 2023. While the number of hacking incidents only slightly increased by 2.8% year-over-year, the average value stolen per hack rose significantly.
Earlier this year, federal agencies, including the FBI and the U.S. Department of Justice, cracked down on nearly 3,000 "money mules" involved in collecting and transferring money for international fraud rings. These crime networks have even recruited college students to collect payments from victims and open fraudulent bank accounts to channel the illicit proceeds.