Recent data reveals a concerning trend of increased scam activity targeting Coinbase’s Base chain, with the network experiencing a notable surge in fraudulent incidents during April.
While overall crypto hacks saw a decrease last month compared to previous periods, certain networks, like Coinbase’s Base chain, are witnessing a spike in scam attempts as fraudsters explore new avenues to deceive victims across emerging platforms.
According to insights from Scam Sniffer, a blockchain intelligence firm, scam activity on Coinbase’s Base network, which operates on top of the Ethereum blockchain, surged by a staggering 145% in April alone.
Since January, scammer activity on the Base network has skyrocketed by nearly 1,900%, resulting in approximately $170,000 stolen due to phishing scams. In April, ERC-20 tokens, the standard for tokens on the Ethereum network, accounted for nearly 90% of the stolen assets. Common phishing tactics such as Permit, IncreaseAllowance, and Uniswap Permit2 were cited as major contributors to significant losses, as reported by Scam Sniffer.
Despite the overall decline in crypto attacks in April, which marked the first significant decrease in 2024, notable incidents still occurred. The largest hack involved Hedgey Finance, a token infrastructure platform, losing approximately $47 million worth of crypto. The second-largest attack targeted the Fix Float exchange, resulting in the theft of $3 million worth of crypto due to a vulnerability in a third-party service provider. The third-largest attack on Grand Base resulted in hackers acquiring $2.67 million.
In total, crypto-related hacks and rug pulls since the beginning of the year amounted to over $401 million, representing a 25.1% decrease compared to the same period last year, during which more than $536 million worth of hacks occurred, according to data from Immunefi.
The rise in scam activity underscores the importance of robust security measures and heightened vigilance within the cryptocurrency community to mitigate risks associated with fraudulent activities on emerging blockchain networks like Coinbase’s Base chain.
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