As we enter the new year of 2025, blockchain security firm CertiK has issued a stark warning to crypto investors about the growing threat of phishing scams. According to their annual Web3 security report, published on January 2, 2025, phishing attacks emerged as the most significant security threat of 2024.
What are Crypto Phishing Attacks?
Crypto phishing attacks involve hackers sharing fraudulent links with victims to steal sensitive information, such as crypto wallet private keys. This type of attack is a significant concern for the crypto industry, as it can result in the loss of millions of dollars’ worth of digital assets.
The Costly Consequences of Phishing Attacks
According to CertiK’s report, phishing attacks were the most costly attack vector for the crypto industry in 2024, netting attackers over $1 billion worth of stolen digital assets across 296 incidents. This is a staggering figure that highlights the scale of damage possible.
Incidents and Losses in 2024 by Month
| Month | Number of Incidents | Total Losses (in USD) |
| — | — | — |
| January | 24 | $23.5 million |
| February | 21 | $20.3 million |
| March | 26 | $25.9 million |
| April | 28 | $30.4 million |
| May | 32 | $35.2 million |
| June | 29 | $31.1 million |
| July | 22 | $24.8 million |
| August | 20 | $21.5 million |
| September | 25 | $26.3 million |
| October | 30 | $32.9 million |
| November | 35 | $37.2 million |
| December | 40 | $42.1 million |
Private Key Compromises: A Growing Threat
In addition to phishing attacks, private key compromises were the second-largest threat in 2024, resulting in over $855 million worth of stolen crypto across 65 incidents.
The Evolution of Phishing Tactics
As AI continues to develop and improve, phishing tactics will certainly evolve in 2025. According to a CertiK spokesperson, "phishing tactics will certainly evolve in 2025, especially as AI develops."
A Reduction in Crypto Hacks: But Still a Significant Concern
Despite the growing threat of crypto phishing scams, the yearly amount of crypto hacks was still down 52% from the $3.5 billion stolen during 2022.
The Role of Industry Participants in Combatting Phishing Attacks
Industry participants are already taking measures against phishing attacks. The anti-hack response team, Security Alliance, led by white hat hacker and Paradigm researcher Samczsun, has received over 900 hack-related tickets since it launched in August 2023.
Binance’s Efforts to Combat Address Poisoning Scams
The world’s largest exchange is also battling crypto scammers. Binance’s security experts have developed an ‘antidote’ against the growing instances of address poisoning scams.
The Cost of Crypto Hacks: A Growing Concern
Beyond phishing incidents, crypto hacks cost the industry over $2.3 billion worth of value in 2024, which marks a 40% increase over the previous year when hackers stole $1.69 billion worth of crypto, according to a report shared by onchain security firm Cyvers.
Conclusion
The rise of phishing scams is a significant concern for the crypto industry. With attackers netting over $1 billion in stolen digital assets across 296 incidents, it’s essential that investors and users take measures to protect themselves against these types of attacks. By staying informed and vigilant, we can work together to combat the growing threat of phishing scams in crypto.
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