Crypto Thieves Pivot To Phishing As Protocol Hacks Decline In February

Crypto theft patterns shifted in February as phishing attacks targeting individuals surpassed protocol exploits, with total losses dropping to $50 million compared to January's $385 million. The Step Finance hack alone accounted for $30 million of February's losses, while Bybit prevented over $300 million in unauthorized withdrawals in Q4 2023.

• →Social engineering and phishing campaigns caused more damage than traditional software exploits in February 2024.
• →February crypto losses totaled around $50 million, significantly down from January's $385 million.
• →Step Finance lost approximately $30 million in a single breach that dominated February's theft statistics.
• →Bybit blocked over $300 million in unauthorized withdrawals during Q4 2023 alone.
• →Individual users are increasingly targeted through authorization abuse tactics rather than large protocol attacks.