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Reported losses from cryptocurrency phishing attacks fell by 83% in 2025, to about $84 million compared to about $494 million the previous year.
According to a new annual report from web security company 3 Scam Sniffer, incidents of “signature phishing” appear to be on the decline. However, the company warned that this apparent decrease hides a darker reality of the presence of more complex actors.
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Data shows that phishing losses follow cryptocurrency market cycles
reveals Report Every year there is a strong correlation between Fraud and market volatility. Phishing activity peaked in the third quarter, resulting in losses of $31 million.
This growth coincides with stronger Ethereum prices are rising In general. During this period, the price of ETH rose to almost $5,000 amid strong institutional interest in the digital asset.
The developments support the opinion that fraud behaves as a probabilistic function of user activity, expanding as sales revenue increases.
While the overall volume of attacks decreased, the lethality of individual incidents increased at the end of the year. In November, the number of victims decreased by 42%, but the total financial losses increased by 137%.
This anomaly indicates that sophisticated attackers are abandoning low-value targets to focus on high-net-worth individuals, with the average loss per victim rising sharply to $1,225 during that period.
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This anomaly indicates a split in the threat landscape. Criminal groups are moving from broad spam to “whaling”, carrying out advanced, targeted attacks targeting high-net-worth individuals.
At the same time, technological updates in the cryptocurrency industry have introduced new vulnerabilities.
For context, use the forwards Quickly upgrade “Pectra” from Ethereum, Particularly exploited EIP-7702.
This feature, which was designed to improve the user experience by deleting the account, has been exploited. To join several malicious processes In one signature, it resulted in losses of more than $2.5 million in August alone.
Scam Sniffer also noted that the total losses resulting from these attacks could be much higher.
According to the company, it was only following chain signature fraud and excluded losses arising from malware from malicious edges. and social engineering And hack direct private keys.
