Prominent web3 security outfit Scam Sniffer reported a significant increase in crypto phishing scams during August 2025, with total losses reaching $12.17 million, a 72% rise from July's $7.09 million. The number of victims also increased by 67%, from 9,143 in July to 15,230 in August.
Notably, crypto whales were disproportionately affected, with the top three single incidents draining $3.08 million, $1.54 million, and $1.00 million, respectively, totaling $5.62 million and accounting for 46% of monthly losses.
The report highlighted a new wave of batch-signature scams enabled by Ethereum's EIP-7702 upgrade, which allows externally owned addresses to function like smart contract wallets. Malicious actors exploited this mechanism to trick users into authorizing bulk transactions, leading to substantial thefts. Additionally, direct transfer scams continued to target users through deceptive DeFi and NFT interactions.
Overall, crypto hacking and scam losses crossed $3.1 billion in the first half of 2025, emphasizing the need for enhanced blockchain security measures. Scam Sniffer advised users to practice vigilance, such as verifying URLs, using VPNs, and enabling two-factor authentication.
