Phishing Scams Surge in Crypto Space, Costing Millions in August 2025

A user recently fell victim to a phishing scam that resulted in a loss of approximately $180,000 in assets due to a fraudulent transaction. This incident highlights the growing threat of phishing scams in the cryptocurrency space, where scammers use deceptive tactics to trick victims into signing malicious transactions that drain their funds [1].

According to Scam Sniffer, a Web3 anti-scam service, phishing scams cost crypto users over $12 million in August 2025 alone, marking a 72% increase from the previous month. During this period, 15,230 victims were impacted, with one user losing over $3 million in a single incident [1]. Scam Sniffer also reported a “sharp escalation” in EIP-7702 signature scams, a type of scam that exploits a specific Ethereum Improvement Proposal to allow attackers to execute unauthorized transactions and siphon funds from victims.

In this case, the user likely fell for a phishing scheme that presented itself as a legitimate communication from a well-known crypto service. These scams often mimic the look and feel of genuine websites or email communications and are designed to trick users into entering sensitive information such as private keys or seed phrases. Once the scammer gains access to this information, they can immediately begin draining the user’s funds [1].

The victim may have been targeted using techniques similar to those outlined in recent phishing campaigns. These typically involve deceptive emails, text messages, or even physical letters sent through the mail, all designed to appear urgent or authoritative. Scammers often pose as customer service representatives from reputable exchanges, claiming that the user’s account is under threat and demanding personal information to “resolve” the issue. Once the user complies by signing a fraudulent transaction, the scammer gains control of the funds [1].

Scam Sniffer reported that $5.6 million was siphoned from victims in August 2025 through three EIP-7702-based attacks alone, underscoring the sophistication of these schemes. The rise in such attacks demonstrates how quickly scammers adapt to technological advancements, leveraging new blockchain features to exploit users’ trust and security gaps [1].

The total amount of money stolen from crypto users through phishing and other forms of cyber exploitation in August 2025 exceeded $163 million, a figure that does not include losses from other types of scams. The broader landscape of crypto-related fraud in the first half of 2025 saw losses surpassing $3.1 billion, indicating that phishing is just one of many persistent threats in the digital asset space [1].

To protect themselves, users are advised to adopt best practices such as verifying URLs for typos, avoiding downloading attachments from unknown sources, and using two-factor authentication for all sensitive accounts. Additionally, users should never share seed phrases or passwords and consider using virtual private networks (VPNs) to mask their identities online. These precautions are critical in mitigating the risk of phishing attacks and other forms of cyber fraud [1].

The incident highlights the importance of user education and proactive security measures in the crypto industry. As phishing attacks become more sophisticated, users must remain vigilant and informed about the latest scam tactics. Scam prevention services like Scam Sniffer play a vital role in raising awareness and tracking fraudulent activity, but the ultimate defense lies in the user’s ability to recognize and respond to suspicious communications [1].

Source:

[1] Phishing scams cost users over $12M in August (https://cointelegraph.com/news/phishing-scams-cost-users-12m-august-stay-safe)