Losses from crypto phishing scams saw a significant decline in February, dropping by 48% to $5.32 million. This marks the third consecutive month of decreasing losses, down from $10.25 million in January and $23.58 million in December, according to data from ScamSniffer.

In a report shared on March 5, analysts revealed that 7,442 victims fell prey to phishing scams in February, compared to 9,220 in the previous month. However, targeted scams still inflicted severe financial damage, with one case alone costing a victim over $600,000.

The Most Costly Phishing Scams

Among the biggest losses recorded in February were highly sophisticated attacks designed to exploit unsuspecting crypto users:

  • Address Poisoning Scams – Scammers manipulated transaction histories to deceive users into sending funds to fraudulent addresses, leading to a loss of $771,000 in Ethereum (ETH).
  • Permit Scams – One victim lost $611,000 after unknowingly approving a malicious contract.
  • Unrevoked Phishing Approvals – A BNB Chain-based phishing attack resulted in a $610,000 loss.
  • IncreaseApproval Attack – Scammers tricked users into increasing token spending limits for malicious contracts, draining $326,000.

One particularly alarming case involved a phishing approval that had been signed more than a year ago. This victim lost over $607,000 in a single transaction, highlighting the dangers of leaving old approvals active. ScamSniffer analysts urged users to revoke past approvals while Ethereum gas fees remain low, reducing potential risks.

Are Crypto Investors Becoming More Security Aware?

While the overall decline in phishing losses could indicate improved security awareness among crypto users, analysts caution that high-value scams are still occurring. Sophisticated tactics continue to pose risks, making it essential for investors to stay vigilant and regularly review their security settings.

Broader Crypto Losses in February

Despite the drop in phishing scams, February was still a rough month for the crypto industry, with total losses reaching $1.53 billion—a staggering 18 times higher than the same period last year. The majority of these losses stemmed from just two major incidents:

  • Bybit Hack – The crypto exchange suffered a massive $1.46 billion breach.
  • Infini Hack – The stablecoin bank lost $49.5 million in an exploit.

Additionally, seven smaller attacks contributed to the total losses, including:

  • zkLend: $9.5 million loss
  • Ionic Money: $8.6 million loss