Trader loses $1M after signing phishing token approval
Onchain scammers netted more than $14 billion last year, and approval phishing remains a primary attack vector.
A crypto user lost nearly $1 million on Wednesday after signing a phishing token approval on Ethereum, according to onchain data. It comes as the industry recorded $366 million in phishing losses in the first half of the year.
A Scam Sniffer alert on Thursday revealed a victim lost 999,999 USDt (USDT) to an Ethereum phishing token approval scam. Scammers first tried draining a rounded $1 million via multicalls but failed due to insufficient funds, then succeeded seconds later by pulling the exact remaining balance in follow-up transfers.
“The script recalculated and pulled the exact remaining balance,” Scam Sniffer said.