MetaMask phishing scams persist despite sharp fall in losses

Crypto phishing losses dropped 83% year-on-year to $83.3 million in 2025 from $494 million in 2024, according to Scam Sniffer.

The number of phishing victims fell 68% to around 106,000 in 2025, down from 332,000 the previous year.

Losses peaked in the third quarter during periods of heightened market activity.

When markets are active, overall user activity increases, and a percentage fall victim — phishing operates as a probability function of user activity.

Scam Sniffer said.

Blockchain security firm SlowMist warned of a new phishing campaign impersonating MetaMask.

Attackers are using fake two-factor authentication prompts to lure users to fraudulent domains.

Victims are asked to provide their wallet recovery phrases under the guise of completing a security check.

When a user shares a wallet recovery phrase, the funds from the wallet are stolen.

23pds said.

The campaign targets MetaMask users by exploiting trust in widely used crypto brands.

MetaMask said decentralised wallets never request users’ secret recovery phrases.

Phishing scams often rely on brand impersonation to trick users into sharing sensitive information.

Despite declining incidents, security firms warn phishing remains a persistent threat in crypto markets.