Phishing scams in the cryptocurrency sector are becoming increasingly sophisticated, with attackers stealing over $5.2 million from unsuspecting users in April 2025.
According to data from blockchain security company Scam Sniffer, the losses decreased by 17% from $7.37 million in March. However, the number of victims increased by 26%, with 7,565 people falling for scam schemes last month.
Increasing Cryptocurrency Phishing Victims... Evolving Attack Methods
Scam Sniffer reported that the most significant incident in April was related to a phishing signature scheme, causing losses of $1.4 million.
In this case, victims unknowingly approved multiple fraudulent requests, allowing attackers to empty their wallets. These scams typically trick users into granting digital approvals that transfer tokens without their knowledge.
Another notable case involved address spoofing technology known as address poisoning. One user lost $700,000 by sending funds to a fake wallet address extremely similar to a previously interacted address.
Meanwhile, threat actors are advancing beyond traditional phishing websites and are now socially engineering victims through messaging platforms.
Yuxian, founder of blockchain security company SlowMist, warned that attackers are now targeting users through Telegram. They use AI-generated voice messages and personalized chats to deceive victims.
In one reported case, Yuxian mentioned that a compromised Telegram account was used to send voice clips mimicking the victim's trusted contacts. The voice messages appeared to be generated by AI tools, mimicking tone and speech patterns using previous voice logs.
"Do not trust only one source. When money is involved, always verify through another trusted source." – Yuxian, SlowMist Founder
These developments reflect a previous case where an American senior lost over 3,520 BTC, or $330 million, to a sophisticated social engineering scam. Regarding sophisticated social engineering scams.
Blockchain investigators, including Jack XBT and Binance's security team, successfully froze approximately $7 million related to the theft.
Another blockchain security provider, CertiK, reported that Bitcoin theft significantly contributed to the industry's total losses in April.
According to the company's report, the emerging industry lost $364 million to hacking, fraud, and exploits during the reporting period. Approximately $18.2 million of stolen funds were recovered.
These developments highlight the increasing sophistication of cryptocurrency scams. They also demonstrate the urgent need for improved user education, wallet security, and anti-phishing tools within the industry.
