The phishing scams include attacks that disguise legal communications or websites designed to steal funds and confidential information, costs for crypto users over $12 million in August, up 72% since July, Web3 Anti-Scam Service Scam Sniffer reported on Saturday.
Crypto Phishing Scams affected 15,230 casualties in August, up 67% since July, with one user costing more than $3 million for one user.
The fraud sniffer team also noted the “sharp escalation” of EIP-7702 signature scam. EIP-7702 is an Ethereum improvement proposal that allows externally owned accounts to act as a smart contract wallet that allows them to perform transactions and shift funds.
Scammers and hackers were fired more than $5.6 million in August through three separate attacks, Sniffer said.
Scam and cybersecurity exploits continue to be a problem with crypto, with over $163 million being stolen in August through malicious activities. Persistent threats are a reminder to keep crypto users on alert and practice good anti-phishing and scum security measures.
Related: Venus Protocol recovers $13.5 million users stolen in phishing attacks
Good practices to stay safe against phishing scams
Amidst sophisticated attack methods, losses from Crypto hacks and fraud exceeded $3.1 billion in the first half of 2025.
Scammers often target users under the guise of legitimate and well-known cryptocurrency exchanges, either setting up a fake website with a similar URL address on legitimate Exchange or sending fake communications to users.
https://www.youtube.com/watch?v=t06mvwz6ngm
These communications are designed to steal sensitive user information, such as seed phrases in crypto wallets and passwords to online accounts, even physical letters sent via email, text messages, and even emails.
Usually, scammers pretend to be a reputable exchange customer service agent, claiming that their account is facing some kind of threat or cybersecurity issue, and request personal information from users that contain seed phrases.
Good practices to avoid phishing include checking small mistake URLs and bookmarking pages, instead of visiting websites with search engines and search bars every time.
Phishing scams often contain spelled words and grammatical errors, and these mistakes are red flags. Users should read the message carefully to detect such errors.
Crypto and Web3 users must use a Virtual Private Network (VPNS) to mask IP addresses and physical locations, do not distribute seed phrases or passwords, and enable two-factor authentication for sensitive online accounts.
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