{"id":37890,"date":"2026-03-12T03:00:02","date_gmt":"2026-03-12T03:00:02","guid":{"rendered":"https:\/\/cryptomag.finance\/?p=37890"},"modified":"2026-03-12T03:00:02","modified_gmt":"2026-03-12T03:00:02","slug":"crypto-thieves-pivot-to-phishing-as-protocol-hacks-decline-in-february","status":"publish","type":"post","link":"https:\/\/cryptomag.finance\/?p=37890","title":{"rendered":"Crypto Thieves Pivot To Phishing As Protocol Hacks Decline In February"},"content":{"rendered":"

Bybit blocked more than $300 million in unauthorized withdrawals during the final quarter of last year \u2014 a figure that puts February\u2019s total crypto<\/a> theft losses in sharp relief.<\/p>\n

According to security firm Nominis<\/a>, close to $50 million was stolen across the entire crypto industry last month, a fraction of what Bybit alone says it turned away in just three months.<\/p>\n

Attackers Home In On Human Error<\/h2>\n

The drop from January\u2019s $385 million in losses might look like progress, but security researchers say the more significant story is where the attacks are coming from.<\/p>\n

Social engineering<\/a> \u2014 scams that trick people into handing over access \u2014 caused more cumulative damage in February than traditional software exploits did.<\/p>\n

Phishing campaigns climbed sharply during the month, with criminals sending fraudulent messages designed to get users to click malicious links or sign transactions they shouldn\u2019t.<\/p>\n

\"\"<\/p>\n

The most common method was authorization abuse. Victims were manipulated into granting wallet permissions without realizing what they\u2019d approved.<\/p>\n

Once those permissions were in place, attackers could move funds out freely. Private individuals bore the brunt of these attacks, not exchanges or large protocols.<\/p>\n

\"\"<\/p>\n

One Breach Drove Most Of The Damage<\/h2>\n

A single incident accounted for most of February\u2019s losses. Step Finance<\/a>, a portfolio analytics platform built on Solana, was drained of approximately $30 million. Strip that one event out, and February would have been remarkably quiet by recent standards.<\/p>\n

The broader numbers back that up. Blockchain security company PeckShield<\/a> put February losses at $26.5 million \u2014 the lowest monthly figure since March 2025.<\/p>\n

PeckShield credited stronger risk controls and better security practices across the industry for part of the decline.<\/p>\n

\"\"
\nBig Losses Still Loom Over The Industry<\/p>\n

Even with a quieter month on the books, the industry\u2019s annual toll remains staggering. Data from Chainalysis<\/a> shows crypto hacks cost the industry $3.4 billion last year. That figure underscores how much ground still needs to be covered before theft can be called a contained problem.<\/p>\n

Bybit\u2019s own numbers offer a window into how much active work that requires. The exchange said its fraud systems flagged roughly 350 high-risk addresses and stopped around 8,000 users from falling into potential scams \u2014 all in a single quarter.<\/p>\n

Reports indicate that while large-scale protocol attacks appear to be easing, the rise in scams targeting everyday users signals that criminals are simply redirecting their efforts.<\/p>\n

Better smart contract audits and stronger on-chain monitoring may be closing one door. But as long as people can be deceived into approving the wrong transaction, another door stays open.<\/p>\n

Featured image from Trillium Mutual Insurance<\/em>, chart from TradingView<\/em><\/p>","protected":false},"excerpt":{"rendered":"

Bybit blocked more than $300 million in unauthorized withdrawals during the final quarter of last year \u2014 a figure that puts February\u2019s total crypto theft losses in sharp relief. According to security firm Nominis, close to $50 million was stolen across the entire crypto industry last month, a fraction of what Bybit alone says it […]<\/p>\n","protected":false},"author":1,"featured_media":37891,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[],"tags":[],"class_list":["post-37890","post","type-post","status-publish","format-standard","has-post-thumbnail"],"yoast_head":"\nCrypto Thieves Pivot To Phishing As Protocol Hacks Decline In February - Cryptomag<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptomag.finance\/?p=37890\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto Thieves Pivot To Phishing As Protocol Hacks Decline In February - Cryptomag\" \/>\n<meta property=\"og:description\" content=\"Bybit blocked more than $300 million in unauthorized withdrawals during the final quarter of last year \u2014 a figure that puts February\u2019s total crypto theft losses in sharp relief. 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