Phishing Losses Among Crypto Users Decline by 83% – Key Insights

A comprehensive editorial policy ensuring accuracy, relevance, and impartiality has led to a trusted report drawn from industry experts. Despite a drastic 83% reduction in crypto phishing losses, experts caution that the threat has merely evolved. Recent findings indicate that wallet-draining scams amassed around $83.85 million in losses in 2025, a stark decrease from approximately $494 million in 2024, as reported by Scam Sniffer. The number of affected wallets was also reduced by about 68%, totaling around 106,000. The report highlighted a notable shift as only 11 incidents exceeded $1 million in losses last year, down from 30 the previous year, but smaller scams have become more prevalent. The largest theft recorded amounted to about $6.5 million linked to a malicious Permit signature attack, with average losses per victim falling to around $790. Market fluctuations also influenced these losses, peaking at roughly $31 million during Ethereum's third-quarter rally. Reports identified new attack vectors, particularly abuses of Permit and Permit2 signatures, despite the implementation of improved wallet warnings and approval revocation tools. Analysts believe phishing threats will persist, especially during market surges, emphasizing the need for users to scrutinize approvals and utilize safe wallet practices.