Crypto phishing losses shot up by 72% in August to a total of 12.17M EIP-7702 scams attacked 15,230 victims. Master how attackers use batch signatures and how to defend assets.
August 2025 saw a remarkable 70+ percent increase in crypto phishing schemes, with losses reaching a jarring $12.17 million.
Source – X
A total of 15,230 victims were victims of such scams, which is a 67 percent increase, according to ScamSniffer, an anti-scam tool, one of the most popular on X.
This increase indicates a bone-chilling aggression in crypto theft schemes, particularly of the newfound vulnerability of the Ethereum protocol upgrade, EIP-7702.
EIP-7702: The New Frontier for Phishing Scams
Phishing attackers leveraged the recent EIP-7702 upgrade to Ethereum, which added the ability to sign wallet transactions in batches. This is also an efficiency-enhancing option that allows users to authorize more than one thing at a time.
However, malicious actors pose as legal DeFi services in order to trick consumers into approving harmful batch activities. After passing the verification, fraudsters make unseen transfers that empty the wallets of the victims in seconds.
August alone recorded almost half of EIP-7702 scams, with more than 5.6 million stolen in three distinct attacks in the form of a whale. One of the victims had a mind-defying 3.08 million dollars that were lost due to signing an investigation transaction without realizing it.
The report issued by ScamSniffer shows that the sophistication of these scams has continued to rise since criminals take advantage of this enhancement to avoid conventional protection mechanisms with relative ease.
Protecting Your Assets: Vigilance is Vital
As phishing crimes increase, three crucial steps have been recommended by experts, and they include: First, never trust the authenticity and credibility of transactions unless they are verified and trusted.
Second, check and restrict token permissions regularly in order to avoid unauthorized batch transactions. Third, update on emerging features of Ethereum, such as EIP-7702, and their risks to identify suspicious behavior in time.
Fintech innovations and detection tools are essential as well. Greater defenses should be reinforced through more advanced AI-based systems of fraud detection and multi-factor authentication, and user education should also be an ongoing process.
As emphasized by ScamSniffer on X, greater security awareness should be viewed as one of the priorities of the crypto ecosystem in order to fight against this growth.
Due to the ongoing development of phishing frauds, all users of cryptocurrencies must observe increased vigilance and maintain the security of their digital assets as a priority.
According to the main findings of the report of ScamSniffer released in August 2025, there is a threatening new trend in phishing techniques that are supported by the Ethereum protocol upgrade.
A new generation of cybercrimes is being experienced in the crypto world and requires strong vigilance and protection.
