Phishing scams cost crypto users over $10.2 million in January, affecting more than 9,000 victims, according to blockchain security firm ScamSniffer.
Although losses dropped by 56% compared to December, new and evolving scams are gaining traction, posing fresh user risks.
In a February 4 report, ScamSniffer highlighted “transaction simulation spoofing” as a growing threat. This method tricks users into signing fraudulent transactions, leading to significant financial losses. In one notable case, a victim lost 143.45 ETH (approximately $461,000) daily.
The report also revealed some of the largest individual losses in January. A staggering $1 million was stolen through Uniswap’s Permit2 function, while $549,000 was drained via direct transfers. Additionally, $471,000 was lost to transaction simulation spoofing. The findings emphasized that fraudulent signatures remain attackers’ most effective weapon.
🚨 ScamSniffer January 2025 Phishing Report
9,220 victims lost $10.25M to crypto phishing scams last month, a 56% drop from December 2024 ($23.58M).While losses fell, malware threats surged—though this report covers only wallet-draining phishing signatures. 🧵 [1/6] pic.twitter.com/DW00yPdBTo
— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) February 4, 2025
Malware scams are also escalating rapidly. The firm reported a staggering 2,000% increase in Telegram-based “Fake Safeguard” scams since November 2024. Meanwhile, Solana users have been targeted through fake Phantom wallet pop-ups designed to steal their seed phrases, which grant full access to their wallets.
In September 2024, blockchain investigator ZachXBT reported that several high-profile accounts, including those of Yahoo News UK, Lenovo India, and Money Control, were compromised to promote a scam meme coin called “HACKED.” The fraudulent scheme reportedly netted modest earnings of approximately $67,000 in market cap from the token.
ZachXBT urged users to remain vigilant and revoke permissions granted to suspicious websites and apps. ScamSniffer echoed these warnings, advising victims to explore recovery services cautiously while avoiding “recovery experts” promising guaranteed returns, which often were scams themselves.
Meanwhile, crypto scams on X increased significantly in December, with impersonation accounts rising to over 300 daily, an 87% increase from November. ScamSniffer reported that scammers targeted high-profile accounts to promote fraudulent tokens and phishing schemes. In a notable case, two victims lost over $3 million in cryptocurrency after engaging with malicious links and approving transactions linked to fake accounts.
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