Phishing losses related to wallet drainers in the crypto sector fell significantly in 2025, totaling $83.85 million, which represents an 83% decline from the previous year's nearly $494 million. The number of victims also saw a sharp reduction, dropping to 106,000, a 68% decrease compared to 2024, according to a report from Web3 security platform Scam Sniffer.
Despite this decline, the report cautions that phishing activities are still prevalent, often spiking during market rallies. Notably, the third quarter of 2025, coinciding with Ethereum's strongest performance of the year, recorded the peak losses of $31 million, with August and September alone accounting for nearly 29% of the annual total. Monthly losses fluctuated significantly, ranging from $2.04 million in December to $12.17 million in August.
A major incident in September involved a phishing theft of $6.5 million via a malicious Permit signature, underscoring the ongoing threat posed by such tactics, which accounted for 38% of losses from high-value incidents. Furthermore, the report highlighted new attack methods emerging after Ethereum's Pectra upgrade, reflecting how quickly attackers adapt to changes in the ecosystem.