Crypto Scams Decline 17% in April, Victims Surge 26%

Phishing scams in the crypto sector are becoming increasingly sophisticated, with attackers successfully stealing over $5.2 million from unsuspecting users in April 2025. This marks a 17% decrease from the $6.37 million lost in March. However, the number of victims surged by 26%, with 7,565 individuals falling prey to fraudulent schemes during the same period.

The most significant incident in April involved a phishing signature scheme, which resulted in a $1.4 million loss. In this case, the victim unknowingly approved several fraudulent requests, enabling the attacker to drain their wallet. These scams typically trick users into signing digital approvals that authorize token transfers without their knowledge.

Another notable case involved an address spoofing technique known as address poisoning. An unsuspecting user lost $700,000 after sending funds to a fake wallet address that closely resembled one they had interacted with previously. This method highlights the evolving tactics of threat actors, who are now moving beyond traditional phishing websites and employing social engineering techniques across various messaging platforms.

Yu Xian, founder of blockchain security firm SlowMist, warned that attackers are now targeting users through Telegram. They use AI-generated voice messages and personalized chats to deceive victims. In one reported case, a compromised Telegram account was used to send voice clips that imitated a victim’s trusted contacts. The voice messages, likely produced with AI tools, were built from earlier voice logs to mimic tone and speech patterns. Xian advised, “Don’t trust just one source. When it involves money, always establish another reliable source for verification.”

These developments mirror an earlier case in which an elderly citizen lost 3,520 BTC, worth over $330 million, to a sophisticated social engineering scam. Blockchain investigators, including ZachXBT and the security team, have managed to freeze around $7 million linked to the theft. CertiK, another blockchain security provider, reported that the Bitcoin theft contributed significantly to the industry’s total losses in April. According to the firm, the emerging industry lost $364 million to hacks, scams, and exploits during the reporting period. Around $18.2 million of these stolen funds have since been recovered.

These incidents underscore the growing sophistication of crypto scams and the urgent need for improved user education, wallet security, and anti-phishing tools within the industry. As threat actors continue to evolve their tactics, it is crucial for users to remain vigilant and adopt best practices to protect their assets.