Phishing scams in the crypto sector are becoming more advanced, with attackers stealing more than $5.2 million from unsuspecting users in April 2025.

According to data from blockchain security firm Scam Sniffer, the losses mark a 17% drop from March’s $6.37 million. However, the number of victims surged by 26%, with 7,565 individuals falling prey to fraudulent schemes last month.

Crypto Phishing Victims Rise Amid Evolving Attack Methods

Scam Sniffer reported that the most damaging incident in April involved a phishing signature scheme, which led to a $1.4 million loss.

In this case, the victim unknowingly approved several fraudulent requests, enabling the attacker to drain their wallet. These scams typically trick users into signing digital approvals that authorize token transfers without their knowledge.

Another notable case involved an address spoofing technique known as address poisoning. An unsuspecting user lost $700,000 after sending funds to a fake wallet address that closely resembled one they had interacted with previously.

Meanwhile, threat actors are evolving tactics beyond traditional phishing websites and are now social engineering their victims across messaging platforms.

Yu Xian, founder of blockchain security firm SlowMist, warned that attackers now target users through Telegram. They use AI-generated voice messages and personalized chats to deceive victims.

In one reported case, Xian noted that a compromised Telegram account was used to send voice clips that imitated a victim’s trusted contacts. The voice messages, likely produced with AI tools, were built from earlier voice logs to mimic tone and speech patterns.

“Don’t trust just one source. When it involves money, always establish another reliable source for verification,” Xian stated.

These developments mirror an earlier case in which an elderly US citizen lost 3,520 BTC, worth over $330 million, to a sophisticated social engineering scam.

Blockchain investigators, including ZachXBT and Binance’s security team, have managed to freeze around $7 million linked to the theft.

CertiK, another blockchain security provider, reported that the Bitcoin theft contributed significantly to the industry’s total losses in April.

According to the firm, the emerging industry lost $364 million to hacks, scams, and exploits during the reporting period. Around $18.2 million of these stolen funds have since been recovered.

These developments underscore the growing sophistication of crypto scams. They also highlight the urgent need for improved user education, wallet security, and anti-phishing tools within the industry.