A substantial crypto holder, often referred to as a “crypto whale,” has allegedly been swindled out of a whopping $4.46 million through a phishing scheme.
According to Etherscan data, this individual mistakenly sent around $4.46 million in Tether (USDT) from their Kraken exchange wallet to a suspicious address ending in “ACa7.”
PeckShield, a blockchain security company, has traced this receiving address to a known phishing perpetrator, illustrating the complex deception trap that duped the crypto whale.
Adding to the narrative, Scam Sniffer, another platform dedicated to tracking blockchain-related scams, provided insight suggesting the misappropriated funds were redirected to an address linked with a counterfeit “Coinone crypto mining exchange.”
Over $337 Million Duped from 21,953 Victims in Such Attacks
Further analysis from Scam Sniffer has exposed the daunting magnitude of such fraudulent activities, with malefactors managing to abscond with an estimated total of $337.1 million in USDT, affecting a staggering 21,953 individuals.
The Global Anti-Scam Organization (GASO) provided insights into the mechanisms of these so-called approval mining scams. They highlighted that these deceptions typically bait victims by covertly getting them to grant unrestricted withdrawal permissions from their cryptocurrency wallets.
Once the unsuspecting victims interact with these counterfeit mining pools, they’re prompted to cover what appears to be a minor network fee in Ether (ETH), which can vary between $10 to $50.
GASO issued a warning, clarifying that the seemingly benign network fee is just a smokescreen designed to hoodwink users.
When individuals click to pay this fee, they unintentionally issue a digital signature that, in turn, provides the scammer with unlimited access to their wallets via the USDT smart contract.
In light of these scams, both law enforcement agencies and crypto advisory bodies are emphasizing the importance of stringent security practices. They advocate for the secure handling of private keys and advise crypto users to maintain a healthy degree of skepticism when confronted with unexpected offers or solicitations for personal data.
$24 Million Stolen From One Crypto Whale
As previously covered, a significant security breach took place on September 8, 2023, where an unidentified individual allegedly had a colossal $24 million in cryptocurrencies extracted from their Ethereum wallet, marking it one of the most substantial personal crypto heists in history.
The purloined assets comprised 4,851 units of Rocket Pool ETH (rETH), which had an estimated worth of around $8.5 million, and 9,579 units of Lido Staked ETH (stETH), which tallied up to an approximate value of $15.6 million, given the prevailing market rates at that juncture.
