Crypto Phishing Scams Hit $12 Million in August as EIP-7702 Exploits Surge

- Phishing scams surged 72% in August, costing $12 million in losses. - EIP-7702 exploits drained $5.6 million from victims in targeted attacks. On September 6, 2025, Cointelegraph reported that phishing scams and EIP-7702 exploits cost cryptocurrency users $12 million in August. This figure marks a 72% spike compared to July and affected 15,230 individuals, a 67% month-over-month increase. The largest single loss reported by one victim exceeded $3 million. Scams exploiting the EIP-7702 Ethereum improvement proposal largely drove the surge in losses, draining over $5.6 million across three separate incidents in August. The Cointelegraph report quoted Web3 anti-scam service Scam Sniffer, which linked these losses directly to vulnerabilities in EIP-7702’s implementation that scammers used to magnify their impact. Beyond this specific exploit, the report revealed that malicious activities in August accounted for over $163 million in total stolen funds. The scale and persistence of these attacks therefore emphasize an urgent need for stronger cybersecurity measures and increased user education within the cryptocurrency space. According to data from CoinMarketCap, Ethereum (ETH) was trading at $1,742 as of September 7 at 12:00 UTC. This price reflects a 1.8% dip in its 24-hour trading volume.