Crypto Phishing Attacks Surge In August As Losses Hit $12 Million
Prominent web3 safety outfit Scam Sniffer stories that crypto buyers suffered an elevated variety of phishing scams in August. Notably, whole property misplaced to those scams over the last month signify an estimated 72% enhance from July, representing a regarding growth for the final crypto trade.
Crypto Whales Take Biggest Hit From Phishing Attacks
In an X post on September 6, Scam Sniffer supplies an August 2025 safety report overlaying phishing assaults on crypto wallets. The blockchain safety agency notes that 15,230 victims misplaced a mixed $12.17 million from all types of phishing-related assaults. This knowledge signifies a 72% enhance in stolen funds and a 67% rise in victims in comparison with July’s $7.09 million in losses and 9,143 victims.
For context, phishing typically entails faux web sites, malicious good contracts, or misleading pockets prompts that trick customers into giving hackers entry to their digital property. Once permitted or shared, the funds are often stolen immediately and can’t be reversed.
While phishing assaults typically goal retail buyers, August’s knowledge from Scam Sniffer highlights the disproportionate impression on crypto “whales.” ScamSniffer revealed that the highest three single incidents drained $3.08 million, $1.54 million, and $1.00 million, respectively, totaling $5.62 million. Collectively, these circumstances made up 46% of general month-to-month losses, demonstrating how hackers more and more give attention to high-value wallets.
The August report additionally attracts consideration to a brand new wave of batch-signature scams enabled by Ethereum’s EIP-7702 improve. EIP-7702 quickly permits externally owned addresses (EOAs) to operate like good contract wallets.
This means customers can entry good contract–stage options with out migrating to a brand new handle. With EIP-7702, actions equivalent to batching a number of transactions, setting automated spending caps, or integrating passkeys develop into seamless for on a regular basis Ethereum interactions.
However, malicious actors have now exploited this mechanism to trick customers into authorizing malicious bulk transactions, typically bundled with legit requests. In parallel, attackers proceed to use direct switch scams, luring victims into sending funds straight into phishing contracts.
These vectors are tougher to detect than conventional phishing makes an attempt, as they seem embedded inside customary DeFi and NFT interactions.
Crypto Market Overview
At press time, the full crypto market cap is presently valued at $3.77 trillion following a 0.16% achieve prior to now day. According to data from Chainalysis, over $2.17 billion was stolen from cryptocurrency wallets within the 2025 H1, which was increased than the full losses from 2024. This heightened determine, in addition to the elevated phishing losses in August, all reinforce the broader want for blockchain safety, putting a stability between utility and safety in opposition to malicious actors.
