In The First Half of 2021, The Number of Phishing Attacks On Crypto Exchanges Has Sharply Increased

PhishLabs, a leading provider of digital risk mitigation solutions, has released a quarterly trend and analytics report. Overall, in the first half of 2021, the volume of phishing attacks increased by 22 percent compared to the same period last year. Phishing volume plummeted in June for the first time in six months, following a very high volume in May.

Analysts have calculated that the number of phishing attacks on crypto exchanges this year has grown by an average of 13% every month. A significant portion of phishing attacks occur on social media platforms. More than half (54.7%) of all attacks in the crypto sector are a combination of brand, executive, and employee impersonation attacks.

According to PhishLabs CTO John LaCour, the willingness of financial institutions to offer their clients tools to invest in cryptocurrencies, the recent listing of Coinbase on the Nasdaq and the record rise in the price of bitcoin in the second quarter have led to increased attention to the industry. Any place where money is flowing in, hackers will follow, LaCour said.

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