Report: Cryptocurrency phishing losses in 2025 decrease by 83%, but attackers shift to low-value high-frequency strategies

The Web3 security platform Scam Sniffer report shows that cryptocurrency phishing attacks related to wallet drainers saw a significant decline in 2025, with total losses dropping to $83.85 million, an 83% decrease from nearly $494 million in 2024. Despite the substantial reduction in losses, the report warns that phishing activities have not disappeared; attackers have shifted to low-value, high-frequency strategies, with losses closely tied to market cycles, increasing during periods of active on-chain activity and decreasing when the market cools down.

The third quarter of 2025 coincided with Ethereum (ETH)'s strongest annual rally, with phishing losses reaching $310 million, accounting for nearly 29% of the year's total losses. The report states: "When the market is active, the overall activity level of users increases, and the proportion of victimized users also rises— the probability of phishing occurrences is positively correlated with user activity levels." Monthly loss amounts ranged from $20.4 million in the calmest month of December to $121.7 million in the most active month of August.