Crypto Phishing Scams Caused $63M in Losses for 9,145 Victims in August, Despite a 34% Drop in Victims

Crypto phishing scams in August resulted in significant financial losses, with $63 million stolen from 9,145 victims, according to data from Scam Sniffer.

Crypto phishing scams caused $63 million in losses for 9,145 victims in August, Scam Sniffer data shows.

In an X thread on Sept. 3, analysts highlighted that the figure marks a 215% increase in stolen funds compared to July, despite a 34% drop in victims.

“In August, around 9,145 victims lost about $63 million to crypto phishing scams ,” wrote Scam Sniffer.

“While the number of victims dropped by 34% from July, the stolen amount surged by 215%.”

The sharp rise in phishing-related losses comes amid a broader trend of escalating cryptocurrency thefts as the market faces uncertainty.

According to blockchain security firm PeckShield, the crypto ecosystem lost a total of $313.86 million in over 10 separate hacks in August.

Of this amount, more than $293 million was lost to phishing attacks alone, the firm stated.

“The crypto industry lost a total of $313.86 million in over 10 separate hacks last month,” wrote PeckShield.

“Phishing attacks alone accounted for over $293 million of the total losses.”

This figure marks an 18% increase in crypto assets lost to fraud compared to July, according to PeckShield.

The largest incidents included a single whale losing $238 million in Bitcoin (BTC) to a phishing attack and another whale who lost over $55 million in (DAI).

“The biggest victim was a whale who lost $238 million in BTC after falling for a phishing attack,” added PeckShield.

“Another whale lost over $55 million in DAI to a phishing scam.”

The Scam Sniffer report also noted a decrease in fake accounts on the social media platform X (formerly Twitter), which the firm attributed to recent efforts by the platform to combat fraud.

“Kudos to the X team for their hard work!” wrote Scam Sniffer.

However, the growing sophistication of phishing attacks also highlights the need for enhanced security measures and user awareness, the firm added.

“Bad actors come up with new tactics and increasingly sophisticated methods to exploit vulnerabilities,” advised Scam Sniffer.

“Be vigilant, thoroughly review transactions, and stay informed about potential phishing schemes.”