Phishing crypto scams drained $10.2 million from 9,200 victims in January, a 56% drop from December’s $23.3 million losses, according to blockchain security firm ScamSniffer.
However, emerging threats like transaction spoofing, malware explosions, and fake account takeovers signal a shifting battlefield for crypto users.
Phishing Crypto Scam Losses Decline, New Attacks Emerge
ScamSniffer reportedon Feb. 4 that January’s $10.25 million crypto phishing losses marked a steep decline from December.
However, despite the drop, other tactics like “transaction simulation spoofing” are proving devastating. Attackers trick users into approving malicious transactions disguised as legitimate actions. One victim reportedly lost 143.45 Ethereum (ETH), worth $461,000, in a single day through this method.
The blockchain security firm noted that scammers increasingly target Ethereum and Solana users. Solana’s Phantom wallet users face fake pop ups designed to steal seed phrases, the keys granting full wallet control.
Malware threats are rising sharply. ScamSniffer observed a 2,000% increase in Telegram “Fake Safeguard” scams since November 2024. These scams lure users with fake security upgrades or rewards, installing malware to drain wallets.
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Fake accounts on social media platform X also doubled to 300 per day in January, up from November’s 150. High-profile accounts like Yahoo News UK and Lenovo India were reportedly hijacked to promote fraudulent tokens.
Blockchain investigator ZachXBT warned users to revoke permissions for unused dApps connected to non-custodial wallets. ScamSniffer echoed this advice, urging victims to contact verified recovery services while cautioning against “recovery experts” promising guaranteed returns—a tactic often used to steal more funds.
Cryptocurrency Security Appeal
Rugpulls, phishing, and blockchain exploits are not new in the world of cryptocurrencies. As reported by The Coin Republic on Feb 1, ZachXBT uncovered that at least $150 million has been stolen in recent months from Coinbase users.
He noted that one victim lost 110 cbBTC—worth about $11.5 million—after falling for a social engineering scam on the Base network, an Ethereum Layer-2 solution backed by Coinbase.
The scam, discovered on January 31, involved attackers using phishing and spoofed communications to manipulate user credentials, drain funds, and move them across several exchanges.
In January 2025, crypto scammers generally stole over $73 million in digital assets across 19 incidents, according to Immunefi’s January 30 report.
While this marked a 44% decrease from $133 million in January 2024, the risks in centralized finance (CeFi) remain significant. January’s losses also represent a sharp rise from December 2024, which saw only $3.8 million in losses, indicating a ninefold increase in just one month.
Source: https://www.thecoinrepublic.com/2025/02/04/phishing-crypto-scam-wiped-10-2m-in-jan-new-attack-vectors-intensify/