Cryptocurrency Holder Falls Victim to Massive Phishing Scam
An unsuspecting individual has reportedly been duped into sending an astounding $4.46 million in Tether (USDT) to a scammer in a recent phishing attack.
Identity of Scammer Exposed by Blockchain Security Firm
Etherscan data shows that the stolen funds were withdrawn from a Kraken crypto exchange wallet and ultimately transferred to an address ending in "ACa7." Cybersecurity company PeckShield has identified this address as belonging to the phishing scammer.
Scam Sniffer Reveals Connection to Fake Crypto Mining Exchange
Another blockchain scam detection platform, Scam Sniffer, has linked the stolen funds to an address associated with a fictitious Coinone crypto mining exchange. According to Scam Sniffer, similar attacks have resulted in scammers stealing approximately $337.1 million USDT, affecting nearly 22,000 individuals.
How the Scam Works and Targets Cryptocurrency Wallets
The Global Anti-Scam organization (GASO) explains that this type of scam typically tricks victims into granting permission for unlimited withdrawals from their cryptocurrency wallets. When users create a self-custody wallet, they receive a "private key" that is encrypted for their protection. However, fraudsters don't require the victim's seed phrase. In this case, when victims participate in the fake mining pool, they are prompted to pay a network fee in Ether (ETH) ranging from $10 to $50. GASO warns that this is only a front to deceive users into providing their digitally signed authorization, granting the scammer unrestricted access to their wallet via the USDT smart contract.
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