Crypto Users Lose $12M to Phishing in August Spike

• Over 15,230 Web3 users targeted, marking a 67% increase in victims.
• EIP-7702 vulnerabilities accounted for $5.6 million across major incidents.

On September 6, 2025 (UTC), Cointelegraph reported that phishing scams in the cryptocurrency and Web3 space caused losses exceeding $12 million in August. This represents a sharp 72% increase compared to July. The attacks severely impacted over 15,230 users, marking a 67% rise in the number of victims.

The report cited data from Scam Sniffer, a Web3 anti-scam service, which highlighted the exploitation of EIP-7702 signature functionalities as a significant factor behind the surge. This specific vulnerability allowed scammers to drain over $5.6 million through three major attacks in August. In one case, an individual suffered losses exceeding $3 million, underscoring the potency of these tactics.

The events underscore mounting cybersecurity risks within the rapidly expanding cryptocurrency ecosystem. As the Web3 space continues to evolve, scammers are employing increasingly sophisticated methods, targeting users with vulnerabilities in decentralized systems.

In response to the rising threat, Scam Sniffer provided recommendations aimed at enhancing user security. The agency advised scrutinizing website URLs for inaccuracies, bookmarking often-used sites, refraining from clicking on unverified links, and avoiding downloads from unknown sources. Additionally, it emphasized the importance of virtual private network (VPN) usage, enabling two-factor authentication, and safeguarding seed phrases and passwords.

As of September 6, 2025, 22:09 UTC, Ethereum (ETH) is trading at $4,283.57, with a -0.46% change in 24-hour trading volume, according to CoinMarketCap.