Impersonated accounts on X (formerly Twitter) have been blamed for the majority of cryptocurrency phishing attacks last month, with victims losing almost $47m.

Anti-fraud specialist Scam Sniffer claimed in its monthly Scam Sniffer Phishing Report that cybercriminals stole nearly $46.9m from just over 57,000 victims.

Most of these individuals were lured to phishing sites by fake X accounts spoofed to appear as if legitimate high-profile accounts. These typically leave comments on victims’ posts to lure unsuspecting cryptocurrency holders.

Ethereum mainnet accounted for 78% of the total volume of thefts, which focused primarily on ERC20 tokens (86%), Scam Sniffer said in a series of social media posts.