Millions Lost in Tether Phishing Scam
In yet another successful phishing scheme, an unsuspecting user lost $4.46 million worth of Tether (USDT) from their Kraken wallet. The stolen funds were sent to an address associated with a fraudster. Blockchain security company PeckShield flagged the address as belonging to the scammer, and research by Scam Sniffer revealed that the funds ended up in an address linked to a fake cryptocurrency mining exchange.
Rampant Phishing Attacks
A Dune Analytics dashboard shows that these types of attacks have resulted in scammers stealing over $337 million worth of USDT from nearly 22,000 individuals. Phishing scams continue to deceive even high-profile and tech-savvy entities in the digital industry space.
Approval Mining Scams
The Global Anti-Scam Organisation explains that approval mining scams deceive victims into granting permission for unrestricted withdrawals from their crypto wallets. When victims participate in fraudulent mining pools, they unknowingly authorize network fee requests, which can range from $10 to $50.
“Mining scams actually like phishing attacks pretending to be “mining” or “liquidity pools”, but instead trick you into authorizing unlimited withdrawals from your cryptocurrency wallet. They may come with a 24/7 “customer service” chat that gives you deceiving explanations.”
Mounting Losses
Recent incidents highlight the severity of phishing scams in the crypto industry. NONE, a suite of trading tools, announced its closure due in part to an exploit that resulted in the loss of 41.52 ETH and NONE tokens. In another case, an unknown crypto whale lost over $24 million in liquid-staked Ethereum after unknowingly granting token approval to scammers.
Hot Take: Phishing Scams Continue to Plague the Crypto Industry
Phishing scams remain a persistent threat in the crypto industry, targeting both individuals and businesses. These scams exploit users’ trust and lack of awareness to steal significant amounts of cryptocurrency. As demonstrated by recent incidents, even experienced traders and high-profile entities can fall victim to these schemes.
To protect yourself from phishing attacks, it is crucial to stay vigilant, verify the authenticity of websites and addresses, and never share your private keys or seed phrases with anyone. Additionally, be cautious of suspicious links and always double-check before authorizing any transactions. By taking these precautions, you can minimize the risk of falling prey to phishing scams in the crypto space.
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