Scam
Investor Sees a $4.46M Loss in a Crypto Scam Just after Withdrawal
Scam Sniffer utilized the data provided by Etherscan and also identified that the scammers used fake wallet addresses that pretended to be associated with Coinone.
A crypto investor has recently seen a huge loss of up to $4.46M worth in a scam. A blockchain security company named Scam Sniffer has reported that a respective scam took place just one minute following the investor extracted 4.46M USDT tokens from the popular crypto exchange called Kraken. Scam Sniffer utilized the data provided by Etherscan and also identified that the scammers used false wallet addresses that pretended to be associated with Coinone.
Crypto Investor Experiences a Loss of $4.46M in a Scam after Withdrawal
In the meantime, another blockchain security forum called PeckShield has offered additional insights into the crypto scam. According to Peckshield’s reports, scammers have already exchanged the entirety of the tokens for the stablecoin DAI through TokenIon. Subsequently, the scammers moved forward to distribute the loot, transacting more than 1M DAI tokens to 4 diverse wallet addresses.
Also Read: Crypto Scams Arise: Swyftx Introduces a Crypto Education Platform “Earn and Learn”
Analogous to the majority of the scams, USDT approval-related mining scams normally start with an “innocuous” message. The bad actors send these messages to their victims either through online platforms or via email. After a response from the victim to the respective message, the scammers attempt to develop a relationship with the target. While doing this, they trick them by showing a flashy lifestyle.
Often, they may spend months to win their victims’ trust. In the end, they prompt the targets to invest funds in a fraudulent crypto scheme. In line with the information that the reports disclose, scammers have swindled more than $337.08M from up to 21,953 victims.
Mark Cuban Witnesses a $870,000 Loss in Crypto in a Phishing Scam
The scammers gained all these funds through USDT-based approval mining scams. On average, every victim accounts for a loss of nearly $21,953. As such scams are raising significant concerns among crypto enthusiasts and investors alike, they have become a prominent issue. Recently, Mark Cuban (a billionaire entrepreneur) lost approximately $870,000. The reason behind the respective crypto loss was that he opened a phishing link.
