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Crypto Phishing Losses Drop 56% in January as Malware Attacks Surge

Crypto Phishing Losses Drop 56% in January as Malware Attacks Surge

“In January alone, 9220 users reported losing a total of $10.25 million due to cryptocurrency phishing scams”, claims Scam Sniffer – Scam identification and Blockchain Security. While this number is significantly 56% lower than the loss of $23.58 million in December of 2022, it is still a steep number.

During Uniswap’s Permit2 feature exploitation, one victim reportedly lost $1 million and another directly transferred $549,000 while $471,000 was hypothetically transacted by the scammers – transaction simulation spoofing (issuing a transaction that appears legitimate with the aim of deceiving).

A Prevalence of Cyber Crime: Phishing Attacks ‘Slow,’ but Malware Seems to be Thriving

Malware Attacks Surge, Targeting Telegram & Solana Users

Exponential increases of attacks via malware shows a decrease of previously mentioned phishing strategies, but does show a worrying trend. A gap emerging in the security of wallets, skips, and crypto transactions enable these attacks to be executed.

And these just mask a more frightening trend where “Fake Safeguard” scams on Telegram grew over 2000% since November. Solana users are also under attack with fake Phantom wallet pop-ups issuing a seed phrase capture so those wallets ostensibly protecting them can be used.

Social Engineering Scams Exploit Coinbase Users

Although cybercriminals refined their methods and strategies, they are still not overwhelming by losing money at large scales, rather optimally positioned.

ZachXBT, the blockchain sleuth, stated social engineering scams cost Coinbase users over $300 million every year.

From December 2024 to January 2025, more than $65 million was taken. That number is likely much higher since it’s based solely on user claims and blockchain activity. These scams usually start with an illegal phone call impersonating Coinbase, which alerts the victim about some unauthorized activity in their account. Afterward, the victim is guided towards a phishing Coinbase website where all of their credentials are captured.

Rising Crypto Scams & Security Tips

Rising Crypto Scams & Security Tips

On December 10, ScamSnipper flagged impersonation scams on X (Formerly Twitter), boasting over 300 fake crypto accounts per day. These scams are easy to spot for the users but the result can have dire consequences. Wallets should be disallowed immediately after permit revoking from any suspicious sites where users “recovery experts” are guaranteed get their funds back fully.

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Techcon The 10-year-old crypto Blogger and an accomplished individual's voice is Techon in the Crypto World. Carter began his journey with Bitcoin in 2011 when he helped anyone interested in learning it through his well-appreciated blog. This skill is what makes Techno a storehouse of knowledge for both newbies and veterans since he breaks even the complex with lots of simplicity and yet offers balanced opinions. Through his decade-long experience in this field, he has evolved into a seasoned professional, which gave him access to the information needed in such a vast and well-orchestrated industry of Digital Currencies.