Crypto Phishing Scams Rise 72% In August To Steal Over $12 Million
Phishing scams focusing on cryptocurrency traders intensified in August 2025, draining greater than $12 million from over 15,000 wallets throughout the sector.
Blockchain safety agency Scam Sniffer reported that these losses characterize a pointy month-over-month rise, climbing 72% in contrast with July. Notably, the variety of victims additionally grew, rising 67% over the identical interval.
Ethereum EIP 7702 Fuels Increase in Crypto Phishing Attacks
According to the agency, about 46% of phishing losses got here from three high-value accounts, sometimes called whales. Together, these accounts misplaced $5.62 million, and one alone was exploited for $3.08 million.
Meanwhile, Scam Sniffer recognized Ethereum’s EIP-7702 customary as the first instrument leveraged in August’s wave of assaults. The agency additionally famous an uptick in scammers tricking crypto customers into sending cash on to malicious contracts.
EIP-7702 improves Ethereum wallets by quickly permitting externally owned accounts (EOAs) to operate like sensible contract wallets.
This allows handy options reminiscent of batching transactions, setting spending caps, integrating passkeys, and recovering wallets with out altering addresses.
However, attackers have turned these identical tools into a way to accelerate thefts.
Wintermute’s Dune Analytics dashboard exhibits that greater than 80% of delegate contracts tied to EIP-7702 contain malicious exercise. Notably, this has compromised greater than 450,000 pockets addresses since its implementation this yr.
Yu Xian, founding father of the safety firm SlowMist, noted that consciousness of how EIP-7702 will be weaponized stays low. He emphasised that organized criminal groups have enthusiastically embraced the mechanism, exploiting it throughout Ethereum Virtual Machine (EVM) ecosystems.
In gentle of the surge, Scam Sniffer has suggested crypto customers to be much more cautious when interacting with pockets requests.
They recommend verifying domains, avoiding rushed approvals, and refusing signatures that grant limitless permissions or seem broader than needed.
Additionally, suspicious prompts tied to EIP-7702 contract upgrades or mismatched transaction simulations also needs to increase alarms.
The submit Crypto Phishing Scams Rise 72% In August To Steal Over $12 Million appeared first on BeInCrypto.
