Phishing scams in the cryptocurrency field are becoming more sophisticated, with attackers stealing over 5.2 million USD from unsuspecting users in April 2025.
According to data from blockchain security company Scam Sniffer, this loss marks a 17% decrease from 6.37 million USD in March. However, the number of victims increased by 26%, with 7,565 individuals being scammed by fraud schemes in the previous month.
Number of crypto scam victims rises due to increasingly sophisticated attack methods
Scam Sniffer reports that the most serious incident in April involved a phishing signature scheme, leading to a loss of 1.4 million USD.
In this case, victims inadvertently approved certain fraudulent requests, allowing attackers to drain their wallets. These scams typically trick users into signing digital approvals that transfer tokens without their knowledge.
Crypto phishing scams in April. Source: Scam SnifferAnother notable case involved a address spoofing technique called address poisoning. An unsuspecting user lost 700,000 USD after sending funds to a wallet address that was an exact replica of an address they had previously interacted with.
Meanwhile, threat actors are developing tactics beyond traditional phishing websites and are now using social engineering to scam victims through messaging platforms.
Yu Xian, founder of blockchain security company SlowMist, warns that attackers are now targeting users through Telegram. They use AI-generated voice messages and personalized conversations to deceive victims.
In one reported case, Xian noted that a compromised Telegram account was used to send voice recordings mimicking the victim's trusted contacts. The voice messages, likely created using AI tools, were constructed from previous voice recordings to mimic tone and speech patterns.
"Don't rely on a single source. When it comes to money, always establish another reliable source for verification," Xian stated.
These developments reflect a previous incident where an elderly American citizen lost 3,520 BTC, worth over 330 million USD, to a sophisticated social engineering scam.
Blockchain investigators, including ZachXBT and Binance's security team, have frozen approximately 7 million USD related to the theft.
CertiK, another blockchain security provider, reports that the Bitcoin theft significantly contributed to the industry's total losses in April.
According to the company, the emerging industry lost 364 million USD due to hacks, scams, and exploits during the reporting period. Approximately 18.2 million USD of these stolen funds were recovered.
These developments highlight the increasing sophistication of cryptocurrency scams. They also underscore the urgent need to improve user education, wallet security, and anti-phishing tools in the industry.
