Crypto Whale Duped for $4.5 Million in a Phishing Attack
A crypto whale has reportedly fallen victim to a staggering $4.46 million phishing scam.
The unidentified crypto holder transferred approximately $4.46 million worth of Tether (USDT) from a Kraken crypto exchange wallet to an address ending in "ACa7," as per data from Etherscan.
Blockchain security firm PeckShield has identified the destination address as belonging to a phishing scammer, shedding light on the intricate web of deception that ensnared the victim.
Another blockchain scam monitoring platform, Scam Sniffer, weighed in on the situation, suggesting that the pilfered funds found their way to an address associated with a "fake Coinone crypto mining exchange."
Scam Sniffer's insights further unveiled the unsettling scale of such attacks, revealing that scammers have managed to siphon off approximately $337.1 million worth of USDT in total, impacting a staggering 21,953 individuals.
The Global Anti-Scam Organization (GASO) shed light on the modus operandi behind these approval mining scams, indicating that they typically lure victims into unknowingly granting unlimited withdrawal access from their cryptocurrency wallets.
When victims engage with the fraudulent mining pool, they are prompted to pay a seemingly innocuous network fee in Ether (ETH), ranging from $10 to $50.
However, GASO cautioned that this apparent network fee is merely a ruse to deceive users.
By clicking the payment button, victims inadvertently provide digitally signed authorization, granting unfettered access to their wallets through the USDT smart contract.
Authorities and organizations alike are urging crypto enthusiasts to adopt robust security measures, including safeguarding private keys and remaining skeptical of unsolicited offers or requests
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