Social engineering, not technical flaws, is the leading threat, warns SlowMist

As crypto adoption surges globally in 2025, blockchain security experts are sounding the alarm about a wave of scams that are becoming harder to spot — not because hackers have new tools, but because they’ve grown more cunning in exploiting human behavior. According to SlowMist’s head of operations, while crypto hacking techniques themselves have not advanced significantly, fraudsters have refined their social engineering tactics to devastating effect.

The Rise of Deceptive Schemes

SlowMist’s recent data, drawn from its threat intelligence platform, shows a 15% increase in social engineering-related crypto thefts in the first half of 2025 compared to the same period last year. The firm has tracked over $350 million in losses globally from scams that rely less on breaking code and more on breaking trust.

“These scams are insidious because they often appear legitimate at first glance, and they target people, not protocols,” SlowMist’s head of operations noted in a recent briefing.

5 Key Crypto Scams to Watch

Here are the main scams identified as especially dangerous this year:

1️⃣ Phishing sites posing as official platforms
Cloned websites and fake wallet apps continue to snare victims. The difference today is the sophistication — many now feature real-time customer service chats (run by scammers) and even small deposits to appear trustworthy.

2️⃣ Fake airdrops and giveaways
Scammers lure users with promises of “free tokens” in exchange for wallet permissions or small deposits. SlowMist has tracked over 40 major phishing campaigns using fake airdrops on X (formerly Twitter) and Telegram since January.

3️⃣ Impersonation of crypto firms and influencers
Fraudsters are using deepfake videos and AI-generated voice calls to convincingly pose as company executives or well-known figures. One notable case this year involved a fake video of a prominent Ethereum developer promoting a phony staking platform.

4️⃣ Ponzi-style DeFi projects
Some new DeFi protocols promise extraordinary yields, only to collapse once they’ve siphoned off enough funds. SlowMist flagged a rise in these exit scams on lesser-known blockchains, where regulatory oversight is weaker.

5️⃣ Fake customer support scams
Criminals lurk on social media and forums, offering “help” to users with technical issues — then trick them into sharing seed phrases or private keys.

The Bigger Picture

Experts say that the focus of crypto crime has shifted. “In 2025, the most serious risks aren’t from hackers breaking through cryptographic defenses. They’re from scammers who persuade users to hand over the keys themselves,” said SlowMist.

This trend highlights an urgent need for crypto users to be vigilant, double-check URLs, use hardware wallets where possible, and remain skeptical of unsolicited offers — no matter how convincing they appear.

Security firms also stress the importance of industry-wide collaboration, better user education, and adoption of enhanced identity verification measures to combat these evolving threats.