PANews reported on January 3rd that, according to Cointelegraph, a report from Web3 security platform Scam Sniffer shows that cryptocurrency phishing attacks related to wallet drainers saw a significant decrease in 2025, with total losses falling to $83.85 million, an 83% decrease from nearly $494 million in 2024. Despite the substantial drop in losses, the report warns that phishing activity has not disappeared, but attackers are shifting to low-risk, high-frequency strategies, with losses closely correlated with market cycles, increasing during periods of high on-chain activity and decreasing during market downturns. The third quarter of 2025 coincided with Ethereum's (ETH) strongest rally of the year, with phishing losses reaching $31 million, accounting for nearly 29% of the total losses for the year.

The report states, "When the market is active, overall user activity increases, and the proportion of victims also rises—the probability of phishing attacks is positively correlated with user activity." Monthly losses ranged from $2.04 million in December, when the market was at its calmest, to $12.17 million in August, when the market was most active.