A cryptocurrency investor was the victim of a phishing scam, losing $ 3.05 million in Tether (USDT) after having signed a malicious blockchain transaction.
The main dishes to remember:
- An crypto investor lost $ 3.05 million in USDT after signing a phishing transaction.
- Many platforms obscure the portfolio address, allowing the crooks to use users more easily.
- Phishing remains the most damaging threat in crypto, with more than a billion dollars in losses in 2024.
On Wednesday, the loss, reported by the blockchain analysis platform, underlines the growing threat of phishing attacks targeting digital active holders.
The striker has exploited a common habit among Crypto users: validate only the first and last characters of a portfolio address while ignoring the environment.
Obvious wallet addresses to help $ 3 million Crypto scam
Many platforms obscure the characters in the environment for design reasons, which allows crooks to encourage users to approve fraudulent transactions. In this case, surveillance of the investor cost them millions.
Lookonchain issued a warning after the incident, urging users to remain vigilant.
“Stay vigilant, stay safe. A bad click can empty your wallet. Never sign a transaction that you don’t understand perfectly,” wrote Lookonchain.
Phishing scams in cryptographic space are generally based on social engineering tactics rather than technical exploits.
Frauders often share convincing links that lead users to grant access or approve malicious intelligent contracts.
These scams are becoming more and more sophisticated and personal, by focusing more on human behavior than on hardened protocols.
A few days earlier, another user would have lost more than $ 900,000 due to a similar feat, signing a malicious approval transaction for more than a year before.
In May, a notorious “poisoning of the portfolio” scam made the headlines after having emptied $ 71 million.
In a rare turn, the striker returned the funds after the blockchain investigators have drawn a possible IP address from Hong Kong.
After publishing an analysis article on the phishing incident 1155 WBTC and a profile of the pirate, it seems that there is a potential turning point in the situation.
3 hours ago, the pirate asked to contact the victim.
– Slowmist (@slowmist_team) May 9, 2024
After publishing an analysis article on the phishing incident 1155 WBTC and a profile of the pirate, it seems that there is a potential turning point in the situation.
According to Certik’s web3 security report in 2024, phishing scams were the most damaging attack vector of the cryptography ecosystem, representing more than a billion dollars in losses out of 296 recorded incidents.
At least three of them exceeded the $ 100 million mark.
Last week, the blockchain analysis company, Arkham Intelligence, reported that 127,426 BTC, worth around $ 3.5 billion at the time and nearly $ 14.5 billion today, were stolen in the Chinese mining pool Lubian in December 2020.
Lubian quickly increased in early 2020, becoming the sixth largest Bitcoin Network mining swimming pool by the middle of the year, before being hacked on December 28, 2020, for more than 90% of their BTC.
Crypto Hacks costs investors $ 2.2 billion in H1 2025: Certik
Crypto investors have lost more than $ 2.2 billion against hacks, scams and violations in the first half of 2025, largely portfolio compromises and phishing attacks, according to Certik’s latest security report.
Portfolio violations alone caused $ 1.7 billion in losses on only 34 incidents, while phishing scams represented more than $ 410 million in 132 attacks.
Two major incidents, including the hacking of $ 1.5 billion by Bybit in February and the feat of $ 225 million in Cetus Protocol in May, biased the losses of the year up, representing together nearly $ 1.78 billion.
Without this, losses align more closely with previous years at around $ 690 million.
Ethereum remained the main objective, undergoing more than $ 1.6 billion in losses on 175 events.
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