A significant crypto holder has reportedly fallen victim to a staggering $4.46 million phishing scam. The incident involved the transfer of approximately $4.46 million worth of Tether (USDT) from a Kraken crypto exchange wallet to an address ending in “ACa7,” according to data from Etherscan.
Blockchain security firm PeckShield has identified the destination address as belonging to a phishing scammer, revealing the complex tactics used to deceive the victim.
Another blockchain scam monitoring platform, Scam Sniffer, shared insights on the situation, suggesting that the stolen funds were funneled to an address associated with a “fake Coinone crypto mining exchange.”
The Scale of Such Scams: Over $337 Million Taken from 21,953 Victims Scam Sniffer’s findings shed light on the extensive scope of these scams, with scammers managing to siphon off approximately $337.1 million worth of USDT in total, impacting a staggering 21,953 individuals.
The Global Anti-Scam Organization (GASO) explained the tactics behind these approval mining scams, revealing that scammers typically trick victims into unknowingly granting unlimited withdrawal access from their cryptocurrency wallets.
Victims who engage with the fraudulent mining pool are prompted to pay a seemingly harmless network fee in Ether (ETH), ranging from $10 to $50. However, GASO cautioned that this apparent network fee is merely a ploy to deceive users.
Clicking the payment button inadvertently provides digitally signed authorization, granting unfettered access to wallets through the USDT smart contract.
Authorities and organizations are urging crypto enthusiasts to adopt robust security measures, including safeguarding private keys and maintaining skepticism towards unsolicited offers or requests for personal information.
$24 Million Stolen from a Single Crypto Holder As previously reported on September 8, 2023, an unknown individual reportedly lost access to a staggering $24 million worth of crypto from their Ethereum wallet.
The phishing attack resulted in one of the largest individual crypto thefts to date, with stolen assets including 4,851 Rocket Pool ETH (rETH), valued at approximately $8.5 million, and 9,579 Lido Staked ETH (stETH), amounting to roughly $15.6 million based on prices at the time.
