Phishing Tactics Are Evolving: An Empirical Study of Phishing Contracts on Ethereum
Bowen He, Xiaohui Hu, Yufeng Hu, Ting Yu, Rui Chang, Lei Wu, Yajin Zhou · Proceedings of the ACM on Measurement and Analysis of Computing Systems · 2025
The prosperity of Ethereum has led to a rise in phishing scams. Initially, scammers lured users into transferring or granting tokens to Externally Owned Accounts (EOAs). Now, they have shifted to deploying phishing contracts to deceive users. Specifically, scammers trick victims into either directly transferring tokens to phishing contracts or granting these contracts control over their tokens. Our research reveals that phishing contracts have resulted in significant financial losses for users. While several studies have explored cybercrime on Ethereum, to the best of our knowledge, the understanding of phishing contracts is still limited. In this paper, we present the first empirical study of phishing contracts on Ethereum. We first build a sample dataset including 790 reported phishing contracts, based on which we uncover the key features of phishing contracts. Then, we propose to collect phishing contracts by identifying suspicious functions from the bytecode and simulating transactions. With this method, we have built the first large-scale phishing contract dataset on Ethereum, comprising 37,654 phishing contracts deployed between December 29, 2022 and January 1, 2025. Based on the above dataset, we collect phishing transactions and then conduct the measurement from the perspectives of victim accounts, phishing contracts, and deployer accounts. Alarmingly, these phishing contracts have launched 211,319 phishing transactions, leading to 190.7 million in losses for 171,984 victim accounts. Moreover, we identify a large-scale phishing group deploying 85.7% of all phishing contracts, and it remains active at present. Our work aims to serve as a valuable reference in combating phishing contracts and protecting users' assets.