A Scammer Steals $20 Million Worth of Tether (USDT) in Zero Transfer Phishing Attack
– Tether (USDT) becomes the target of a scammer who manages to steal $20 million through a zero-transfer phishing attack.
– Zero-transfer attacks involve tricking users into sending a $0 transaction to a phishing address that looks similar to the intended address.
– Hackers take advantage of users who only check the first and last few digits of a wallet address, allowing them to send funds to a similar address controlled by the attacker.
– In this case, the scammer tricked the victim into sending the funds to a different address, resulting in the loss of $20 million worth of USDT.
– Tether quickly blocks the scammer’s address and blacklists them within an hour of the attack.
Tether Takes Swift Action to Freeze Stolen Funds
– Tether’s prompt response surprises the crypto community, as they are known for taking longer to freeze funds after hacks.
– Speculation arises about the identity of the victim, with some suggesting it could be an influential individual or a large firm.
– Zero transfer scams have become more common in the crypto space, with around $40 million lost to similar attacks since December 2022.
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