According to a report by Web3 anti-fraud service provider Scam Sniffer on Saturday, phishing scams—attacks that disguise themselves as legitimate communications or websites to steal funds and sensitive information—resulted in losses exceeding $12 million for cryptocurrency users in August, a 72% increase month-over-month.
According to Scam Sniffer data, the number of victims of cryptocurrency phishing scams reached 15,230 in August, a 67% increase from July. Among them, a single user lost over $3 million in one instance.
The Scam Sniffer team pointed out that EIP-7702 signature scams are showing a "sharp increase" trend. EIP-7702 is an Ethereum (ETH) improvement proposal that allows externally owned accounts (EOA) to execute transactions and fund transfers as smart contract wallets.
Scam Sniffer reported that scammers and hackers exploited this feature to steal over $5.6 million through three separate attacks in August.
Fraud and cybersecurity vulnerabilities in the cryptocurrency space continue to persist, with the total amount stolen through malicious activities in August exceeding $163 million. Ongoing threats remind cryptocurrency users to remain vigilant and actively take effective anti-phishing and anti-fraud security measures.
In the first half of 2025, losses from cryptocurrency hacking attacks and scams have exceeded $3.1 billion, with attack methods becoming increasingly complex.
Fraudsters often impersonate well-known cryptocurrency exchanges, creating counterfeit websites that closely resemble legitimate exchange URLs, or sending users forged communications.
These communications include emails, text messages, and even physical letters sent by mail, aimed at stealing users' sensitive information, such as mnemonic phrases for cryptocurrency wallets and online account passwords.
Fraudsters typically pose as customer service representatives from well-known exchanges, falsely claiming that the user's account is at risk or has cybersecurity issues. They will ask users to provide personal information, including mnemonic phrases.
Effective practices to prevent phishing scams include carefully checking for subtle errors in URLs. It is recommended to bookmark frequently used websites to avoid accessing them through search engines each time. Additionally, users should verify website links and avoid downloading attachments from unknown sources or clicking on suspicious links.
Phishing scams often contain spelling or grammatical errors; any such mistakes are warning signs, and users should read information carefully to identify these issues.
Cryptocurrency and Web3 users should also use virtual private networks (VPNs) to hide their IP addresses and physical locations, never disclose mnemonic phrases or passwords, and enable two-factor authentication for sensitive online accounts.
Related: Bitcoin whales sell off in the largest scale since mid-2022, with 115,000 BTC dumped.
Original article: “August phishing scams cost users over $12 million—please check the security protection guide”
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