Blockchain security firm Scam Sniffer reported that crypto phishing scams drained $10.25 million from 9,220 victims in January, marking a 56% decline from December’s $23.58 million in losses.

However, the report notes that the bad actors have been evolving and implementing more sophisticated attack methods.

Ethereum users targeted

According to Scam Sniffer, Ethereum users were the most affected by phishing scams, accounting for over 80% of the stolen funds.

Losses on Ethereum exceeded $8.6 million, while BNB Chain and Arbitrum users lost $710,000 and $572,000, respectively. Polygon and Optimism also saw losses of around $191,000 and $82,000.

The firm noted that malware-driven attacks contributed significantly to these losses. The Uniswap Permit2 exploit alone siphoned $1 million, while direct transfers cost victims $549,000. Another $471,000 was lost to transaction simulation spoofing.

Phishing tactics evolve

The report highlighted the increasing sophistication of phishing scams. One case involved a victim who lost 143.45 ETH, valued at $460,895, due to transaction simulation spoofing.

This tactic manipulates on-chain states between transaction simulation and execution, deceiving users into authorizing malicious transfers.

Another rising threat involves fake safeguard scams on Telegram, which have surged over 2,000% since November 2024.

The firm pointed out that attackers now infiltrate legitimate crypto communities instead of impersonating high-profile figures. They lure victims into fraudulent Telegram groups using seemingly trustworthy invitations.

Once inside, victims interact with fake bots, counterfeit trading platforms, and deceptive airdrops. Victims who engage with these channels unknowingly activate the malicious code that compromises sensitive data, including wallet credentials and passwords.

Solana users have also become prime targets for these phishing attackers.

According to the report, fake Phantom popups trick users into revealing their seed phrases, contributing to January’s losses. This coincides with Solana’s growing popularity, which is driven by increased memecoin trading activity on the network.

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