According to ChainCatcher, a report from Web3 security platform Scam Sniffer shows that cryptocurrency phishing attacks related to wallet drainers saw a significant decrease in 2025, with total losses falling to $83.85 million, an 83% reduction from nearly $494 million in 2024. Despite the substantial decrease in losses, the report warns that phishing activity has not disappeared; attackers are shifting to low-value, high-frequency strategies, and losses are closely correlated with market cycles, increasing during periods of high on-chain activity and decreasing when markets cool down.
The third quarter of 2025 coincided with Ethereum's (ETH) strongest rally of the year, resulting in phishing losses of $310 million, nearly 29% of the year's total losses. The report states, "When the market is active, overall user activity increases, and the proportion of victims also rises—the probability of phishing attacks is positively correlated with user activity." Monthly losses ranged from $20.4 million in December, the calmest month, to $121.7 million in August, the most active month.
