Blockchain analysis firm Chainalysis analyzed in a recently published report that hacking crimes exploiting social engineering have surged in the cryptocurrency industry.

According to the report, "Based on AML Bot data, the total damage from cryptocurrency hacking last year reached 17 billion dollars, with approximately 65% of this linked to social engineering techniques."

It subsequently urged users to exercise extra caution in line with the trend of hacking techniques becoming increasingly sophisticated. The report warned, "As hacking methods continue to evolve, users should reduce their reliance on SMS authentication and regularly review wallet permissions."