Hackers are Replacing Crypto Phishing with Whale Hunting Attacks
Reported losses from cryptocurrency phishing attacks plummeted 83% in 2025, falling to roughly $84 million from nearly $494 million the previous year.
According to a new annual report by Web3 security firm Scam Sniffer, incidents of “signature phishing” appear to be declining. However, the firm warned that this visible drop masks a darker underlying reality of more sophisticated actors.
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Data Shows Phishing Losses Tracking Crypto Market Cycles
The annual report reveals a strong correlation between fraud and market volatility. Phishing activity peaked in the third quarter, resulting in losses of $31 million.
