Phishing overtakes software exploits as protocol hacks decline in February

Phishing drove February’s crypto thefts. Losses fell to $26.5–$50 million.

Security firm Nominis tallied about $50 million stolen in February. January saw $385 million.

One hit skewed the month. Step Finance lost roughly $30 million on Solana. Exclude it, and activity was muted.

PeckShield recorded $26.5 million in losses. That’s the lowest since March 2025. The firm credited tighter risk controls.

Attack vectors shifted. Nominis notes social engineering caused more damage than software exploits in February. Phishing spiked. Authorization abuse led many cases. Users approved malicious wallet permissions and lost funds. Individuals took most of the hit, not major protocols.

The annual picture stays heavy. Chainalysis tracked $3.4 billion stolen last year.