Social Engineering Emerges as Dominant Threat in Crypto Sector
Cybercriminals pivoted decisively toward psychological manipulation in 2025, with social engineering attacks driving a record $2.5 billion in crypto losses. Phishing campaigns, spoofed platforms, and impersonation of industry figures now eclipse technical exploits as the primary attack vector.
The shift reflects threat actors' growing sophistication—exploiting human vulnerabilities rather than code vulnerabilities. Losses surged 40% year-over-year, with fake wallet approvals and fraudulent customer support schemes accounting for 62% of incidents.
Security analysts note a troubling convergence: attackers combine blockchain-native tactics like token impersonation with traditional con artistry. One notorious operation cloned a DeFi platform's front end, siphoning $200 million from users who signed malicious contracts.
