<p>An unfortunate cryptocurrency holder has reportedly been defrauded in a staggering $4.46 million phishing scam. The incident, which serves as a stark reminder of the risks associated with digital assets, unfolded as $4.46 million in Tether (USDT) was illicitly withdrawn from a Kraken crypto exchange wallet and subsequently transferred to an address ending with “ACa7.”</p> 
<h2 class="wp-block-heading" id="blockchain-security-firm-identifies-crypto-scammer">Blockchain security firm identifies crypto scammer</h2> 
<p>Blockchain security firm PeckShield has <a href="https://twitter.com/PeckShieldAlert/status/1704672331766087933" rel="noopener noreferrer nofollow" target="_blank">identified </a>the address ending in “ACa7” as belonging to a malicious phishing scammer. The precise details of how the scam was executed are still under investigation, but the significant sum involved underscores the sophistication and audacity of these cyber criminals.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#PeckShieldAlert</a> The address 0x2175…f7D9 got scammed for 4.46M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$USDT</a> <br>Victim's address: 0x2175c0082d052872501f7fe54e1aC59858aaf7D9<br>Scammer's address: 0xAbb07822F471773Ff00b9444308ceEB7cf0dACa7 <a href="https://t.co/Ny9CIrkBxw" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/Ny9CIrkBxw</a></p>— PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1704672331766087933?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">September 21, 2023</a> 
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<p>Another platform, Scam Sniffer, has s<a href="https://twitter.com/realScamSniffer/status/1704627576973795642" rel="noopener noreferrer nofollow" target="_blank">uggested</a> a potential link between the stolen funds and a purported “fake Coinone crypto mining exchange.” While the exact nature of this connection remains unconfirmed, it adds complexity to an already convoluted scheme.</p> 
<p>Scam Sniffer has also provided insights into the broader impact of such scams. According to their data, these types of attacks have resulted in scammers making off with approximately $337.1 million worth of USDT, affecting as many as 21,953 individuals.</p> 
<p>The Global Anti-Scam Organization (GASO) has shed light on the modus operandi behind approval mining scams, shedding light on how unsuspecting victims fall prey to these schemes.</p> 
<p>When individuals create a self-custody cryptocurrency wallet, they receive a “private key” that is protected through encryption. However, fraudsters do not require access to the victim’s seed phrase or private key in this particular <a href="https://www.cryptopolitan.com/nortons-reveals-alarming-rise-in-cyber-scams/" rel="noopener noreferrer nofollow">scam</a>.</p> 
<p>GASO explains that scammers employ a clever ruse. Victims are enticed to participate in what appears to be a legitimate mining pool for cryptocurrencies. To join, they are asked to click on a button, which seems harmless enough. However, this seemingly innocuous action triggers a request for a network fee, typically ranging from $10 to $50, payable in Ether (ETH). While it seems reasonable, GASO suggests it is part of to trick the user.</p>

Crypto holder falls victim to $4.5M phishing scam

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