WASHINGTON, DC, Monday, April 08 , 2024 – Cryptocurrency thefts on the Ethereum layer-2 network Base have skyrocketed by 1,880% since January, according to blockchain security firm Scam Sniffer. The data highlights the growing security challenges facing the rapidly expanding decentralized finance (DeFi) space.1
The report can be viewed here.
Base, designed for faster and cheaper transactions compared to the Ethereum mainnet, has seen a surge in user activity and locked-in funds. However, this growth has also attracted malicious actors looking to exploit vulnerabilities and steal cryptocurrency.
Scam Sniffer’s report indicates that over $3.35 million worth of cryptocurrency has been stolen from phishing scams on Base in March alone. This represents a significant increase from the $169,000 stolen in January and a 334% jump compared to February’s figure of $773,900.
The surge in thefts shows the need for robust security measures on DeFi platforms.
The rise of cryptocurrency thefts on Base also seen as security experts as a cautionary sign for the broader DeFi ecosystem.
- cryptotvplus.com: https://cryptotvplus.com/2024/04/base-phishing-scam-thefts-surge-1900-since-january-scam-sniffer/[↩]
