IMG-LOGO

News Feed - 2023-09-21 03:09:16

Brayden Lindrea2 hours agoPhishing victim sends eye-watering $4.5M in USDT to scammerOn-chain data shows the $4.5 million was first transferred from the Kraken crypto exchange before eventually arriving at an address purportedly owned by a scammer.1158 Total views13 Total sharesListen to article 0:00NewsJoin us on social networksAn unwitting cryptocurrency holder has reportedly fallen victim to an eye-watering $4.46-million phishing scam.


According to data from Etherscan, $4.46 million in Tether (USDT) was withdrawn from a Kraken crypto exchange wallet and eventually sent to an address ending in “ACa7.”


Blockchain security firm PeckShield has labeled the address as being owned by a phishing scammer.#PeckShieldAlert The address 0x2175...f7D9 got scammed for 4.46M $USDT

Victim"s address: 0x2175c0082d052872501f7fe54e1aC59858aaf7D9

Scammer"s address: 0xAbb07822F471773Ff00b9444308ceEB7cf0dACa7 pic.twitter.com/Ny9CIrkBxw— PeckShieldAlert (@PeckShieldAlert) September 21, 2023


Another blockchain scam platform, Scam Sniffer, suggested on Sept. 20 that the funds were sent to an address linked to a “fake Coinone crypto mining exchange.”someone withdrew $4.46 million from Kraken to a fake Coinone crypto-mining exchange about 1 hour ago.https://t.co/ued55jlWdM pic.twitter.com/tsV5BGDY0O— Scam Sniffer (@realScamSniffer) September 20, 2023


Scam Sniffer linked to a user-created Dune Analytics dashboard, suggesting attacks of this nature have seen scammers steal approximately $337.1 million in USDT in total, impacting as many as 21,953 individuals.Tayvano’s Dune Analytics dashboard on USDT Approval Scams. Source: Dune Analytics.


Related:Crypto whale loses $24M in staked Ethereum to phishing attack


The Global Anti-Scam Organisation says this type of approval mining scam usually tricks victims into authorizing unlimited withdrawals from their cryptocurrency wallet.


“When you create a self-custody crypto wallet [...] you obtain a ‘private key’ that is safeguarded through encryption. However, the fraudsters do not need your seed phrase,” GASO said, explaining on its website that when a victim clicks to partake in the fake mining pool, they’re clicking on a button that will request a $10–$50 network fee in Ether (ETH).


While it seems reasonable, GASO suggests it is to trick the user:“This is merely a front to obtain your digitally signed authorization, allowing unlimited access to your wallet via the USDT smart contract.”


Magazine:Asia Express: Thailand’s national airdrop, Delio users screwed, Vietnam top crypto country# Blockchain# Altcoin# Phishing# Tether# ScamsAdd reactionAdd reactionRead moreWhat is an atomic swap, and how does it work?What are address poisoning attacks in crypto and how to avoid them?Indian state governments spur blockchain adoption in public administration