Scam Badminton: Crypto Fraud On Base Chain Soars 145%

Base Chain is a new blockchain from Coinbase, a number of crypto assets from the base chain are starting to rise. (Photo; Doc. Cryptonews)

JAKARTA - Crypto scams or scamming are relentless, the spike in crypto theft cases in the Base chain, owned by Coinbase, is reported to have experienced a surge. According to data from the real-time Web3 anti-fraud platform, Scam betterer, Base experienced an astonishing 145% increase in fraud activity during April.

The April Phishing report released by Scam Badminton reveals that Base chain has seen a significant increase in crypto theft cases, although the whole sector has experienced a decline. The platform notes that two of the ten biggest thefts in April occurred in Base, resulting in a total loss of 21% of the total recorded theft.

Base chain has seen an alarming increase in fraudulent activity since January, with a total increase of 1,900%. This resulted in a cumulative loss of $170,000 due to phishing scams.

Overall, Scam accidents reported a total of 34,619 victims lost more than 38.6 million US dollars in April. This figure shows a 46% drop compared to March. The platform notes that 88% of all stolen assets are ERC20 tokens.

The fraudulent method commonly used is to create fake Twitter accounts and post misleading comments to deceive users. Scambroker also highlighted the use of a drainage wallet, an illegal malware tool designed to drain crypto wallets quickly after gaining illegal access.

One of the biggest attacks that occurred in the Base chain was an attack on Hedgey Finance, which resulted in a loss of 47 million US dollars. Last month, a hacker also managed to steal millions of dollars in Arbitrum token value (ARB) and transferred some of the funds to the Bybit exchange. Another major attack was the loss of 3 million US dollars worth of crypto tokens by the Fix Float exchange, which was tracked to third-party providers.

Warning and Prevention Efforts

Scameer and other security platforms urge users to be careful and alert to various modes of fraud. Here are some preventive measures that can be taken:

The spike in crypto theft cases in Base chain is an important reminder for users to always be vigilant and implement appropriate preventive measures. With education and collaboration between communities, platforms, and authorities, security in the crypto world can be increased and the risk of fraud can be minimized.