Bitget Wallet reports 7.4-fold rise in weekly phishing alerts on signing requests
In brief
- Bitget Wallet flagged about 37,000 signing requests a week in Q3, up from 5,000 in Q2.
- COO Alvin Kan said improved detection, introduced in Q2, likely contributed to the increase.
- The tally counts flagged signing interactions, not unique attacks or confirmed financial losses.
- AI helped identify 90% of newly blocked risky domains in October, Bitget Wallet said.
What the alerts actually count
That's a big jump in warnings.
It isn't a 7.4-fold jump in attacks, though. Kan said the tally counted flagged signing interactions, not unique attacks or confirmed financial losses. The figure tracks how often the wallet raised a flag, and it doesn't measure how many users lost funds.
The wallet's detection also changed during the period being compared. Kan said Bitget Wallet introduced AI-assisted risk detection in Q2, so the Q3 count reflects a sharper tool as well as whatever threat activity was out there.
“The increase likely reflects both greater threat activity and improved detection capabilities, although the data does not allow us to quantify each factor’s contribution,” Kan told Cointelegraph.
How the expanded checks work
Bitget Wallet said its expanded AI checks examine website code and domain registration details for signs of fraud. The wallet also simulates transactions to spot hidden permissions before users sign.
The company shared domain figures for October too. According to Bitget Wallet, AI helped identify 90% of newly blocked risky domains that month, compared with 36% in Q2. The company also said nearly 70% of the domains its AI flagged in October had no matching alerts in the external threat feeds it checked (those numbers come from Bitget Wallet itself).
Why a single signature matters
One bad approval can be expensive. In July, a trader lost nearly $1 million after signing a malicious Ethereum token approval, according to Cointelegraph's account.
Phishing isn't limited to the browser either. An August investigation by Rapid7 found a campaign that targeted 885,000 phone numbers and sent recipients to websites impersonating crypto wallet providers.
Frequently asked questions
Does Bitget Wallet's 7.4-fold rise mean phishing attacks grew sevenfold?
No. COO Alvin Kan said the tally counted flagged signing interactions, not unique attacks or confirmed financial losses. He said the increase likely reflected both more threat activity and better detection, and the data didn't allow the company to say how much each factor contributed.
How does Bitget Wallet's AI phishing detection work?
Bitget Wallet said its expanded AI checks examine website code and domain registration details for signs of fraud. The wallet also simulates transactions to spot hidden permissions before users sign. Kan said the wallet introduced AI-assisted risk detection in Q2.
