Crypto users lost tens of millions of dollars in January to address poisoning and signature phishing scams, as attackers exploited lower transaction costs and user inattention to steal funds at scale.
Scam Sniffer Warns of Spike in Address Poisoning Losses
Crypto wallet scams intensified in January, with address poisoning and signature phishing attacks driving significant losses, according to data from blockchain security firm Scam Sniffer.
In one of the most striking cases, a single victim lost $12.2 million after mistakenly copying a malicious address from their transaction history. The incident followed a similar address poisoning attack in December that resulted in roughly $50 million in losses.
Scam Sniffer reported that address poisoning remains one of the most reliable methods for draining large sums from crypto wallets. Attackers create addresses that match the first and last characters of a trusted wallet, while subtly altering the middle portion, making them difficult to spot at a glance.
Alongside address poisoning, signature phishing attacks also surged in January. Scam Sniffer estimates that $6.27 million was stolen from 4,741 victims through malicious signature requests, marking a 207% increase compared to December. Notably, just two wallets were responsible for 65% of all signature phishing-related losses during the month.
Unlike address poisoning, signature phishing relies on tricking users into signing harmful blockchain transactions, such as granting unlimited token approvals or authorizing fund transfers without realizing the consequences.
Analysts believe the recent rise in attack volume may be partly linked to Ethereum’s Fusaka upgrade, rolled out in December. By reducing transaction costs, the upgrade made it cheaper for attackers to send large numbers of dust transactions, lowering the barrier to running address poisoning campaigns at scale.
Read more: SEC Sounds Alarm as Crypto Scammers Flood Group Chats With AI-Powered Cons
Security firms continue to urge users to double-check wallet addresses, avoid copying addresses from transaction histories, and carefully review signature requests before approving them, as these attack methods show no signs of slowing down.
FAQ 🚨
- What is address poisoning in crypto?
Scammers send look-alike wallet addresses to trick users into copying the wrong one.
- How much was lost to these scams in January?
Victims lost tens of millions, including a single $12.2 million address poisoning case.
- Why did signature phishing spike sharply?
Attackers exploited user inattention, stealing $6.27 million via malicious signatures.
- What’s driving the rise in these attacks now?
Lower transaction fees made large-scale scam campaigns cheaper and easier to run.
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