Crypto investors suffered significant losses from phishing scams during August, with one victim losing over $3 million, while thousands more experienced varying levels of financial impact. Scammers have adapted their tactics, using emails, texts, and even letters to impersonate major exchanges, tricking users into revealing login details or wallet seed phrases. Others exploit sophisticated techniques like EIP-7702 exploits on Ethereum, enabling attackers to manipulate ordinary accounts into behaving as smart contracts, draining funds. This led to over $5.6 million being stolen through three such attacks alone during August. 15,000 victims were affected, a staggering jump from July’s figures. These scams highlight the growing threat of phishing and its impact on the crypto market, with total losses reaching $163 million for the month. Web3 watchdog Scam Sniffer reported a whopping 72% increase in phishing scam related losses compared to July, illustrating their widespread effect. Experts emphasize that simple actions like bookmarking exchange websites instead of manually searching them, checking all URLs for inconsistencies, and treating unsolicited messages with suspicion can significantly reduce risk. The proliferation of new crypto tools and proposals provides fertile ground for attackers to find vulnerabilities, making managing risks a crucial focus for investors in the ever-evolving crypto landscape.