Fraud Incidents On Base Network Have Increased.

Since January, there has been an approximate 1900% increase in phishing scam incidents on Ethereum's layer 2 chain, Base, coinciding with the rise in total locked value.

Recent data reveals that Ethereum's layer 2 platform, Base, experienced an 18-fold increase in stolen cryptocurrency funds from phishing scams in March compared to January figures.

According to the blockchain fraud prevention platform Scam Sniffer, approximately $3.35 million was stolen by phishing scammers on Base in just March.

Monthly data compiled by Scam Sniffer from Dune Analytics indicates this figure represents a 334% increase over February's $773,900 and a significant 1,880% jump compared to the $169,000 lost in January.

Binance's BNB Chain also saw a similar surge in phishing scam activity in March, as noted by Scam Sniffer in a post dated April 2.

Phishing scammers across various networks victimized approximately 77,529 individuals, resulting in a total loss of $71.5 million. This amount exceeds the losses experienced in January and February, which were $58.3 million and $46.8 million respectively.

Scam Sniffer emphasized that fake X accounts, detecting over 1,500 cases in March alone, continued to utilize phishing links as their "primary tactic."

The increase in phishing scams on Base coincided with the recent meme coin frenzy on this Coinbase-backed network. According to L2BEAT data, this frenzy significantly contributed to Base's total locked value surpassing $3.2 billion, marking a notable increase of around 370% since the beginning of 2024.

Cointelegraph reached out to Scam Sniffer for further information on the matter.

The rise in phishing scams occurred despite a 48% decrease in crypto theft cases in March, according to a post by blockchain security firm PeckShield on the X platform on April 1st.

This decrease in theft incidents took into account the recovery of $98.8 million in funds throughout the month. Almost all of these recovered funds stemmed from the $97 million security breach involving Munchibles. Cryptocurrency researcher ZachXBT was among those instrumental in recovering these stolen funds.

Meanwhile, Curio's MakerDAO-based smart contract suffered a loss of $40 million, according to updated data from PeckShield, while Prisma Finance fell victim to a $11.6 million cyber attack. The company is currently in communication with the attacker to recover these funds.

You can follow the latest developments and news in the cryptocurrency markets in real-time on Kriptospot.com.