A cryptocurrency holder fell victim to a staggering $4.46 million phishing scam, highlighting the risks associated with digital assets. The incident involved the illicit withdrawal of $4.46 million in Tether (USDT) from a Kraken crypto exchange wallet, with the funds then transferred to an address ending in “ACa7.”
Identification of Crypto Scammer: Blockchain security firm PeckShield identified the address ending in “ACa7” as belonging to a malicious phishing scammer. The exact details of how the scam was carried out are still under investigation, but the substantial amount involved underscores the sophistication of these cybercriminals.
Potential Connection to Fake Crypto Mining Exchange: Scam Sniffer, another platform, has suggested a potential link between the stolen funds and a purported “fake Coinone crypto mining exchange.” While the nature of this connection remains unconfirmed, it adds complexity to the scheme.
Widespread Impact of Scams: Scam Sniffer’s data indicates that such scams have resulted in scammers absconding with approximately $337.1 million worth of USDT, affecting as many as 21,953 individuals.
Modus Operandi of Approval Mining Scams: The Global Anti-Scam Organization (GASO) sheds light on the operation of approval mining scams, explaining how unsuspecting victims become ensnared in these schemes.
In this scam, victims are encouraged to participate in what appears to be a legitimate cryptocurrency mining pool. To join, they are asked to click a seemingly harmless button. However, this action triggers a request for a network fee, typically ranging from $10 to $50, payable in Ether (ETH). While it may seem reasonable, GASO suggests that it is a trick to deceive users.
These scams do not require access to the victim’s seed phrase or private key, making them particularly deceptive. Instead, they exploit users’ trust and curiosity to lure them into paying network fees, ultimately resulting in significant financial losses.
By FCCT Editorial Team
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