{"id":636,"date":"2026-02-10T10:08:03","date_gmt":"2026-02-10T10:08:03","guid":{"rendered":"https:\/\/blog.coinsignals.net\/?p=636"},"modified":"2026-02-10T10:08:03","modified_gmt":"2026-02-10T10:08:03","slug":"wallet-mistakes-and-phishing-scams-lead-to-62-million-in-crypto-losses","status":"publish","type":"post","link":"https:\/\/blog.coinsignals.net\/index.php\/2026\/02\/10\/wallet-mistakes-and-phishing-scams-lead-to-62-million-in-crypto-losses\/","title":{"rendered":"Wallet Mistakes and Phishing Scams Lead to $62 Million in Crypto Losses"},"content":{"rendered":"\n
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Two crypto investors lost a combined $62 million after mistakenly copying incorrect wallet addresses, highlighting the growing risks of human error and phishing attacks in the crypto space.<\/p>\n\n\n\n

In January, one user lost $12.25 million after sending funds to the wrong wallet address. A similar incident occurred in December, when another user mistakenly transferred $50 million. According to Web3 security firm Scam Sniffer, these two errors alone resulted in $62 million in losses.<\/p>\n\n\n\n

Rise in Crypto Scams<\/strong><\/p>\n\n\n\n

Signature phishing attacks also increased sharply in January. Scam Sniffer reported that $6.27 million was stolen from 4,741 victims, representing a 207 percent jump compared to December. Some of the largest losses included $3.02 million stolen from SLVon and XAUt through permit and increaseAllowance approvals, along with $1.08 million taken from aEthLBTC using similar methods.<\/p>\n\n\n\n

Notably, just two wallets were responsible for 65 percent of all phishing related losses during this period.<\/p>\n\n\n\n

Address poisoning remains a common tactic used by scammers. In this method, attackers send small transactions from wallet addresses that closely resemble legitimate ones, hoping victims will copy the fake address from their transaction history. When funds are later sent, they go directly to the attacker. Signature phishing compounds the danger by deceiving users into approving malicious permissions, allowing scammers to move funds at a later time. These scams rely heavily on social engineering and simple mistakes, making even seasoned crypto users vulnerable.<\/p>\n\n\n\n

In November last year, another crypto holder lost more than $3 million worth of PYTH tokens after accidentally transferring them to a scammer\u2019s wallet. Blockchain analysts at Lookonchain explained that the attacker created a wallet address that matched the first four characters of the legitimate address and sent a small SOL transaction to appear authentic. The victim later transferred 7 million PYTH tokens without fully verifying the address, resulting in a loss valued at approximately $3.08 million at the time.<\/p>\n\n\n\n

Coordinated Attacks Target Multisig Wallets<\/strong><\/p>\n\n\n\n

As these scams become more frequent, the non custodial wallet provider Safe, previously known as Gnosis Safe, warned users about a large scale address poisoning and social engineering campaign targeting multisig wallets. The company revealed that attackers created thousands of fake Safe addresses designed to deceive users into sending funds to incorrect destinations. Safe clarified that the incident was not caused by a protocol exploit, infrastructure failure, or smart contract vulnerability.<\/p>\n\n\n\n

The platform identified around 5,000 malicious addresses, which have since been flagged and removed from the Safe Wallet interface to help prevent accidental transfers.<\/p>\n","protected":false},"excerpt":{"rendered":"

Two crypto investors lost a combined $62 million after mistakenly copying incorrect wallet addresses, highlighting the growing risks of human error and phishing attacks in the...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-636","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/posts\/636","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/comments?post=636"}],"version-history":[{"count":1,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/posts\/636\/revisions"}],"predecessor-version":[{"id":638,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/posts\/636\/revisions\/638"}],"wp:attachment":[{"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/media?parent=636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/categories?post=636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.coinsignals.net\/index.php\/wp-json\/wp\/v2\/tags?post=636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}