Crypto Phishing Losses Fell 83% in 2025, but the Threat Isn’t Gone

[cryptobro]

Crypto phishing attacks linked to wallet drainers dropped sharply in 2025, with total losses falling to $83.85 million—down 83% from nearly $494 million the year before. According to a new report from Scam Sniffer, the number of victims also declined by 68% to about 106,000 across Ethereum Virtual Machine chains.

Despite the improvement, phishing activity continues to track market cycles. Losses spiked during periods of heavy onchain activity, with the third quarter—aligned with Ethereum’s strongest rally—accounting for $31 million in losses. The report describes phishing as a “probability function of user activity,” rising when markets heat up and fading as activity cools.

[madtrader]

adjusting for user growth really changes the story, crypto felt way sketchier back in 2017 tbh