Phishing scams, assaults disguised as reliable communication or web sites designed to steal funds and delicate info, value crypto customers over $12 million in August, up 72% from July, Web3 anti-scam service Scam Sniffer reported on Saturday.
Crypto phishing scams impacted 15,230 victims in August, a 67% enhance from July, with the only largest loss costing one person over $3 million, in accordance to Scam Sniffer.
The Scam Sniffer staff additionally famous a “sharp escalation” in EIP-7702 signature scams. EIP-7702 is an Ethereum enchancment proposal that enables Externally Owned Accounts to behave as good contract wallets that may execute transactions and shift funds.
Scammers and hackers exploiting this performance drained over $5.6 million in August by way of three separate assaults, Scam Sniffer mentioned.
Scams and cybersecurity exploits proceed to be an issue in crypto, with over $163 million stolen in August by way of malicious exercise. The persistent menace is a reminder for crypto customers to stay vigilant and observe good anti-phishing and anti-scam safety measures.
Related: Venus Protocol recovers person’s $13.5M stolen in phishing assault
Good practices for staying protected towards phishing scams
Losses from crypto hacks and scams crossed $3.1 billion within the first half of 2025 amid more and more refined assault strategies.
Scammers usually goal customers by posing as reliable and well-known cryptocurrency exchanges, both establishing faux web sites with related URL addresses to reliable exchanges or sending faux communications to customers.
These communications embrace emails, textual content messages, and even bodily letters despatched by way of the mail, designed to steal delicate person info, together with seed phrases for crypto wallets and passwords to on-line accounts.
Typically, the scammers will faux to be customer support brokers from respected exchanges, claiming that the person’s account is dealing with some kind of menace or cybersecurity subject and demand private info from the person, together with seed phrases.
Good practices to keep away from phishing scams embrace checking URLs for tiny errors and bookmarking pages as an alternative of utilizing search engines like google and yahoo or the search bar to entry web sites each time, verifying web site hyperlinks, and avoiding downloading attachments or clicking hyperlinks from unknown sources.
Phishing scams usually include misspelled phrases or grammatical errors, and any of those errors is a pink flag; customers ought to learn by way of messages fastidiously to detect such errors.
Crypto and Web3 customers also needs to use digital personal networks (VPNs) to masks their IP addresses and bodily areas, by no means give out seed phrases or passwords, and allow two-factor authentication for delicate on-line accounts.
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