Paulo
21/09/2023
In a recent and alarming development, an undisclosed crypto whale fell prey to a staggering $4.46 million phishing scam, illuminating the persistent risks entailed in the realm of digital assets. The incident unfolded as an astonishing $4.46 million in Tether (USDT) was illicitly withdrawn from a Kraken crypto exchange wallet and subsequently routed to an address culminating in "ACa7."
Blockchain security experts from PeckShield have now pinpointed the aforementioned "ACa7" address as belonging to a nefarious phishing scammer. While the precise mechanics of this sophisticated scam are still undergoing investigation, the substantial sum involved underscores the audacity and intricacy of cybercriminals operating in the cryptocurrency space.
Adding a layer of complexity to the narrative, another platform, Scam Sniffer, has hinted at a potential connection between the pilfered funds and an alleged "fake Coinone crypto mining exchange." Although the precise nature of this linkage remains unverified, it contributes to the multifaceted nature of this fraudulent scheme.
Scam Sniffer's data analysis further sheds light on the broader impact of such scams. Shockingly, these malicious endeavors have resulted in scammers making off with approximately $337.1 million worth of USDT, impacting no fewer than 21,953 individuals.
The Global Anti-Scam Organization (GASO) has offered insight into the mechanics behind approval mining scams, unraveling the tactics by which unsuspecting victims become ensnared in these treacherous schemes.
In a stark departure from traditional cryptocurrency scams that typically require access to a victim's seed phrase or private key, this particular scheme relies on a more cunning strategy. Victims, who have created self-custody cryptocurrency wallets complete with encrypted private keys, find themselves targeted without the need for these crucial elements.
GASO's explanation exposes the artifice at play: Scammers tempt individuals with the allure of participating in what appears to be a legitimate cryptocurrency mining pool. Joining this pool involves a seemingly innocuous act – clicking on a button. However, this innocent action triggers a request for a network fee, typically ranging from $10 to $50, payable in Ether (ETH). Despite its apparent reasonableness, GASO asserts that this fee is nothing more than a clever ruse, part of a broader strategy designed to deceive the user.
sources:
https://cryptonews.com/news/crypto-whale-duped-for-45-million-phishing-attack.htm
https://decentradecoded.com/4-5-million-crypto-phishing-attack/