BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Cryptocurrency Holder Duped into Sending $4.5M USDT to Phisher

by Dan K
Sep 21, 2023 - 11:30 am
in Blockchain
Screenshot of a phishing email falsely claiming to be from Nansen, offering a fake airdrop opportunity to crypto investors.

A Staggering Loss

An individual has reportedly suffered a monumental loss, being deceived into transferring $4.46 million in Tether (USDT) in what appears to be a sophisticated phishing scam. The funds were tracked moving from a wallet in the Kraken crypto exchange to an address purportedly owned by a scammer.

Blockchain Security Firm Analysis

PeckShield, a known blockchain security firm, has identified the recipient’s address as belonging to a phishing scammer. Further details revealed the funds landing in an address ending with “ACa7.”

In a corroborative revelation, Scam Sniffer — another platform dedicated to identifying blockchain scams — pointed out on September 20 that the transferred USDT was directed to an address associated with a fraudulent entity posing as the Coinone crypto mining exchange.

Dune Analytics Dashboard

Data collated in a Dune Analytics dashboard, created by a user, indicated a horrifying trend in the crypto space. It showed that scams of this sort had succeeded in swindling a whopping $337.1 million in USDT, affecting nearly 21,953 individuals till date.

GASO Warns Against Approval Mining Scams

In light of this event, the Global Anti-Scam Organisation (GASO) emphasized the modus operandi of such approval mining scams. GASO explained that these scams deceive victims into authorizing unlimited withdrawals from their crypto wallets.

Victims are lured with the premise of a small network fee in Ether, ranging between $10 and $50. While this appears to be a standard procedure, GASO warns that it is a façade designed to secure digitally signed authorizations from the victims, granting fraudsters unfettered access to the victims’ wallets through the USDT smart contract.

Increasing Vigilance

In the wake of an uptick in phishing scams, experts implore individuals to be cautious while engaging in crypto transactions. A keen eye on wallet authorizations and an understanding of standard crypto operations could be vital in preventing such disastrous losses in the future.

Conclusion

This recent phishing attack reflects the burgeoning issue of crypto scams in the digital age. With an alarming sum lost to fraudsters, it underscores the pressing need for heightened security and awareness in the crypto space. As investigations continue, individuals are advised to be on high alert, verifying all details while transacting in cryptocurrencies to avoid falling prey to such scams.

Tags: BlockchainScamUSDT
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Arthur Hayes speaking about Bitcoin as Japan’s new Prime Minister announces economic stimulus measures

Arthur Hayes Predicts $1M Bitcoin as Japan’s New PM Unveils Economic Stimulus

October 22, 2025

Arthur Hayes predicts Bitcoin could hit $1M as Japan’s new PM Sanae Takaichi launches economic stimulus, signaling potential...

blockchain

Bolivia’s President-Elect Rodrigo Paz Turns to Blockchain to Fight Corruption

October 20, 2025

Bolivia’s new president Rodrigo Paz plans to use blockchain in public procurement and crypto asset declarations as part...

Metaplanet and Bitcoin Magazine logos, symbolizing their new partnership to expand operations in Japan.

Japan Moves Toward Allowing Banks to Buy Bitcoin Under New Regulatory Framework

October 19, 2025

Japan’s regulators are reviewing changes that could let banks buy and hold Bitcoin, signaling a major shift in...

24H HOLD token price chart showing 35% surge despite market pullback

Crypto markets surge as Trump confirms October 31 summit with Xi Jinping

October 19, 2025

Crypto markets rebound after Trump confirms October 31 summit with Xi Jinping, easing US-China tensions and sparking optimism...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service