Thieves Swiped $5.2 Million from More Than 7,000 Cryptocurrency Users in April Through Phishing Schemes
Crypto Phishing Scams Become Sneakier
Cryptocurrency phishing attacks are becoming more sophisticated, with scammers swiping over $5.2 million in April 2025 from unsuspecting users, according to blockchain security firm Scam Sniffer. Despite a 17% drop from March's losses, the number of victims spiked by 26%.
Phishing Phases Amplify
The most damaging incident in April was a phishing signature scheme, resulting in a $1.4 million loss. Unknowingly, victims approved numerous fraudulent requests, giving attackers access to drain their wallets. These scams are designed to trick users into signing digital approvals for token transfers without their knowledge.
Another noteworthy instance involved address spoofing, also known as address poisoning. A victim lost $700,000 after sending funds to a fake wallet resembling one they had interacted with previously. Meanwhile, attackers are resorting to social engineering techniques across messaging platforms, targeting users through Telegram.
Yu Xian, founder of blockchain security firm SlowMist, warns that attackers are now exploiting Telegram. They use AI-generated voice messages and personalized chats to mislead victims. In one reported case, a compromised Telegram account was used to send voice clips imitating the victim's trusted contacts, likely created with AI tools mimicking the tone and speech patterns from earlier voice logs.
"Don't rely solely on one source. Always have another reliable resource for verification," Xian cautions.
These developments echo an earlier scam, in which an elderly US citizen lost a staggering 3,520 BTC, worth over $330 million, to a complex social engineering swindle. Blockchain investigators, including ZachXBT and Binance's security team, have managed to freeze around $7 million connected to the heist.
Crypto losses in April reached $364 million due to hacks, scams, and exploits, as reported by blockchain security provider CertiK. Nearly $18.2 million of these stolen funds have been recovered.
These alarming trends underscore the intensifying sophistication in crypto scams. Enhanced user education, wallet security, and anti-phishing tools are vital within the industry to combat the evolving threats.
Enrichment Data:
General:
- Sophisticated Attacks: Phishing scams are employing increasingly complex tactics, including AI-driven social engineering and malware.
- Impersonation: Crooks impersonate support teams, friends, and even relatives to manipulate victims into handing over their cryptocurrencies.
Malware Developments:
- Gremlin Stealer: This virus steals credentials and session data, enhancing the attackers' ability to hijack accounts and increase phishing success rates.
Messages Platform Targeting:
- Telegram Abuse: Attackers are exploiting Telegram groups to distribute malware, impersonate support teams, and share fraudulent wallet links.
Mitigation Measures:
- AI-Powered Detection: As scammers incorporate AI-generated Voice Messages into their attacks, AI-driven phishing prevention tools are becoming more crucial.
- Conduct Cross-References: To counter fake wallet scams, users should verify wallet addresses and avoid clicking links in unsolicited messages.
- Cryptocurrency phishing attacks are employing sophisticated tactics, such as AI-driven social engineering and malware, to swipe millions from unsuspecting users.
- Scammers impersonate support teams, friends, and even relatives, tricking victims into handing over their Bitcoin wallets.
- One such malicious software is Gremlin Stealer, which steals credentials and session data, enhancing the attackers' ability to hijack accounts and increase phishing success rates.
- Attackers are exploiting Telegram groups to distribute malware, impersonate support teams, and share fraudulent Bitcoin wallet links.
- As scammers incorporate AI-generated Voice Messages into their attacks, AI-driven phishing prevention tools are becoming more crucial for cybersecurity.
- To counter fake wallet scams, users should verify wallet addresses and avoid clicking links in unsolicited messages.
- Enhanced user education, wallet security, and anti-phishing tools are vital within the crypto industry to combat the evolving threats, especially in light of the increasing sophistication in crypto scams.
