Gone Phishing: Cardano Ranks 3rd On List Of Most-Phished Crypto Projects

Nearly every month, phishing becomes more prevalent, constituting a substantial risk on personal and computer networks around the globe.

Tessian Research determined a year ago that employees receive an average of 14 phishing emails annually.

Some industries have taken a heavy blow, with the average retail worker receiving 49.

Anti-virus and Internet security firm ESET observed a 7.3% increase in email-based assaults between May and August 2021, the majority of which were phishing efforts, according to its data.

Even when the cryptocurrency market is facing a crisis, crypto scammers continue to operate in a malicious manner. Cybercriminals are very fond of phishing schemes.

Cardano Gets The Bronze On Most-Phished Crypto Projects Ranking

Cardano is one of the most targeted projects by fraudsters who are increasingly employing phishing to defraud naive consumers.

Cardano was the third most phished cryptocurrency project in the three months ending on June 22, according to URL scanner tool Checkphish, which recorded 191 attempts.

The data analyzed by Checkphish is the same as that of the Atlas VPN team, placing Cardano in the third spot with 191 phishing pages.

Atlas VPN has placed Blockchain.com as the most phished cryptocurrency project with 662 attacks, followed by the cryptocurrency investment software Luno with 278.

Image: Blockchain News

ADA Down 0.7% In Last 7 Days

In the past week, the Cardano (ADA) price fell significantly from the $0.545 resistance zone versus the US dollar. On Tuesday, the ADA/USD pair accelerated below the $0.48 barrier, entering a negative zone.

As of this writing, ADA was trading at $0.4891, down 0.7% in the last seven days, according to data by Coingecko on Tuesday.

ADA price fell below $0.50 and even below the $0.45 support zone, reaching a low of $0.420. Recently, the token began an upward correction over the $0.450 mark.

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Atlas VPN also evaluated Poloniex and Magic Eden, rating them fourth and fifth with 72 and 67 attacks, respectively. Other noteworthy phishing campaigns targeted the cryptocurrency exchange Binance, which recorded nearly 60 breaches, and the peer-to-peer trading platform Paxful, which recorded nine.

The remaining names in the top 10 include crypto wallet software MyEtherWallet with 21 cases, Australian crypto assets exchange BTC Markets with 16 cases, Bitcoin wallet service Electrum with 16, and Japanese crypto exchange bitFlyer with nine.

ADA total market cap at $16.5 billion on the daily chart | Source: TradingView.com

Phishing Scams Expected To Rise

Charles Hoskinson, the founder of Cardano, warned last year that platform-related phishing will continue to increase because of ADA’s growth. Surprisingly, despite the crypto market’s massive decline, the situation has improved in 2022.

Meanwhile, not only do cyber thieves use cryptocurrency to profit, but they do so successfully. In just the first three months of 2022, online fraudsters stole about $330 million worth of cryptocurrency, according to the Federal Trade Commission.

Scams have cost victims more than $1 billion in crypto since last year. In total, $93 million were lost to business impostor scams.

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Featured image Securus Communications, chart from TradingView.com