In January 2025, crypto phishing scams caused a significant loss of $10.25 million, according to blockchain security firm Scam Sniffer. This figure represents a sharp decline of 56% compared to December 2024, when phishing scams drained $23.58 million. However, while the overall amount was reduced, scammers have adapted and developed more sophisticated methods to trick users. The report notes that more advanced phishing tactics have contributed to the substantial losses across multiple platforms.
Ethereum users were the primary targets of these attacks, with over 80% of the stolen funds, totaling more than $8.6 million, coming from the Ethereum network. Other blockchain networks like BNB Chain, Arbitrum, Polygon, and Optimism also saw losses, but the amounts were comparatively lower. The report highlighted that malware-driven attacks and specific vulnerabilities, such as the Uniswap Permit2 exploit, played a major role in these losses. Victims also experienced losses through direct transfers and transaction simulation spoofing.
Phishing tactics have evolved significantly over time, with attackers now using more complex strategies. One such tactic involved transaction simulation spoofing, where attackers manipulated the on-chain states between the simulation and execution phases of transactions. This technique successfully deceived users into authorizing malicious transfers, with one victim losing 143.45 ETH, valued at around $460,000. The report also revealed a surge in fake safeguard scams, especially on Telegram, which have grown over 2,000% since November 2024.
Scammers have started infiltrating legitimate crypto communities, using these platforms to lure users into fake groups and fraudulent activities. Once inside these deceptive Telegram groups, users unknowingly interacted with fake bots and fake trading platforms. These attacks often result in compromised data, including wallet credentials and passwords. Solana users were also targeted, with fake Phantom popups tricking victims into revealing their seed phrases, adding to the overall losses for January.
