Crypto Scam: Hackers Drain $55 Mln Targeting Dymension (DYM), OpenSea, & Others

Rising crypto scams drain $55 million from Dymension, OpenSea, and others, signaling an urgent need for vigilance in the crypto community.
By Rupam Roy
Updated July 22, 2025
Pump Fun Hacker Nabbed In London, Makes Troubling Revelation

Highlights

  • Crypto scammers target Dymension, OpenSea, and others, leading to $55 million in losses.
  • In January, over 40,000 users across various chains were affected.
  • Scammers employ sophisticated tactics, creating over 11,000 phishing sites.

Cryptocurrency investors are facing a new wave of threats as scammers target popular projects like Dymension (DYM), OpenSea, and more. According to a recent report by Web3 security firm Scam Sniffer, phishing attacks have surged, resulting in the loss of over $55 million in January alone. These crypto scams, often tied to airdrops and project events, highlight the need for heightened vigilance within the crypto community.

Advertisement
Advertisement

Crypto Scam: Hackers Drain $55 Million In January

The Web3 security firm Scam Sniffer has sounded the alarm on a concerning trend in the cryptocurrency space: a surge in phishing attacks targeting projects across various Ethereum Virtual Machine (EVM) chains. Notably, in January 2024, over $55 million was siphoned away through deceptive tactics, with the top 7 victims losing a staggering $17 million.

These scams, which often coincide with airdrops and other project activities, have affected approximately 40,000 individuals, underscoring the pervasive nature of the threat.

Meanwhile, the report suggests that scammers have employed sophisticated tactics to deceive unsuspecting users, creating more than 11,000 phishing sites. Notably, these sites were used to impersonate well-known projects like Dymension (DYM), OpenSea, Manta Network, and others.

In addition, many of these fraudulent schemes rely on exploiting vulnerabilities in ERC20 Permit and increaseAllowance signatures, enticing victims to unknowingly authorize malicious transactions. The prevalence of such crypto scams highlights the importance of exercising caution, especially during periods of heightened activity within the crypto community.

Also Read: Binance Leads Fight Against Crypto Crime with INTERPOL Partnership

Advertisement
Advertisement

A Detailed Look Into The Fraudulent Schemes

Delving deeper into the mechanics of these phishing attacks, Scam Sniffer’s detailed report reveals a troubling pattern. The majority of thefts occurred on the Ethereum mainnet, with other chains like Arbitrum, BNB, Optimism, and Polygon also experiencing significant losses.

Notably, as mentioned earlier, phishing websites have become the primary vehicle for scammers to defraud unsuspecting users.

Meanwhile, these malicious websites, often indistinguishable from legitimate platforms, impersonate reputable projects and employ deceptive tactics to lure victims into divulging sensitive information or authorizing fraudulent transactions. The use of Create2 to generate temporary addresses further complicates detection efforts, allowing fraudsters to cover their tracks and evade detection.

As the crypto landscape continues to evolve, staying informed and exercising caution remain paramount in safeguarding against such threats.

Also Read: XRP Whale Offloads 58 Mln Tokens As Price Nears $0.52, What’s Happening?

Advertisement
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.