Losses from crypto phishing attacks fell by 48% in February, marking the third consecutive month of decline. However, a single approval scam still cost one victim over $600,000, highlighting the persistent threat of high-value frauds.
Crypto Phishing Losses See Sharp Decline
According to data from ScamSniffer, phishing-related losses dropped to $5.32 million in February, down from $10.25 million in January and a staggering $23.58 million in December. The number of victims also declined, with 7,442 users affected in February compared to 9,220 the previous month.
The report suggests that increased security awareness and improved defensive measures may be contributing to the decline. However, analysts warn that large-scale scams continue to occur, with targeted attacks leading to significant individual losses.
Biggest Scams and Attack Methods
Among the largest phishing scams in February was an address poisoning attack, where scammers manipulated transaction histories to deceive users into sending funds to fraudulent addresses. This resulted in a $771,000 Ethereum (ETH) loss.
Other high-profile incidents included:
- A permit scam costing a victim $611,000.
- An unrevoked phishing approval attack on BNB Chain leading to $610,000 in losses.
- An “IncreaseApproval” scam, which tricked users into raising token spending limits for malicious contracts, draining $326,000.
ScamSniffer also highlighted a case where a victim lost $607,000 due to a phishing approval signed over a year ago. Analysts urged users to revoke old approvals, especially while Ethereum gas fees remain low, to mitigate such risks.
Broader Crypto Security Landscape
While phishing losses declined, February still saw massive losses across the crypto space. As previously reported, total crypto losses for the month reached $1.53 billion, largely due to the $1.46 billion Bybit hack attributed to North Korea’s Lazarus Group. The Infini hack, which resulted in a $49.5 million loss, also contributed to the month’s significant losses.
The remaining losses were spread across smaller attacks, including breaches at zkLend and Ionic Money, which suffered losses of $9.5 million and $8.6 million, respectively.
Although the overall decline in phishing losses is a positive sign, the persistence of high-value scams underscores the need for continued vigilance. Security experts recommend revoking unused approvals and maintaining strong security measures to mitigate risks in an ever-evolving threat landscape.
