Stablecoin

Million

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 <p>Scams and hacks have long been familiar occurrences in the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> sector. Nevertheless, each fresh scam or hack manages to astonish the industry with its scale and approach. Most recently, an individual holding <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> became a victim of a <a rel="noopener noreferrer nofollow" title="Phishing" href="https://thebittimes.com/tag/phishing.html">Phishing</a> scam, leading to a loss of $4.46 million.</p> 
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    <p lang="en" dir="ltr">#PeckShieldAlert The address 0x2175…f7D9 got scammed for 4.46M $USDT <br>Victim's address: 0x2175c0082d052872501f7fe54e1aC59858aaf7D9<br>Scammer's address: 0xAbb07822F471773Ff00b9444308ceEB7cf0dACa7 pic.twitter.com/Ny9CIrkBxw</p>— PeckShieldAlert (@PeckShieldAlert) September 21, 2023 
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 <p>The blockchain sleuth PeckShield uncovered this fraudulent activity. They exposed that a substantial $4.46 million in <a rel="noopener noreferrer nofollow" title="Tether" href="https://thebittimes.com/tag/tether.html">Tether</a> [<a rel="noopener noreferrer nofollow" title="USDT" href="https://thebittimes.com/tag/usdt.html">USDT</a>] had been withdrawn from a wallet linked to the Kraken <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency exchange. These assets were subsequently sent to an address ending in “ACa7.” It was later determined that this wallet was controlled by an individual engaged in a <a rel="noopener noreferrer nofollow" title="Phishing" href="https://thebittimes.com/tag/phishing.html">Phishing</a> scam. These funds were on the move. Scam Sniffer, a firm similar to PeckShield, noted that the funds had been sent to an address linked with a fraudulent Coinone <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-mining exchange.</p> 
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    <p lang="en" dir="ltr">someone withdrew $4.46 million from Kraken to a fake Coinone crypto-mining exchange about 1 hour ago.https://t.co/ued55jlWdM pic.twitter.com/tsV5BGDY0O</p>— Scam Sniffer (@realScamSniffer) September 20, 2023 
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 <p><strong>Also Read: Trezor Asks Users to Stay Cautious of New Phishing Attack</strong></p> 
 <h3 class="wp-block-heading" id="h-usdt-related-scams-are-on-the-rise">USDT-related scams are on the rise</h3> 
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 <p>It seems like scams of this nature are on an upward trajectory. Scam Sniffer went on to reveal a Dune Analytics dashboard created by a user. This noted that incidents like these have resulted in scammers making around $337.1 million in <a rel="noopener noreferrer nofollow" title="USDT" href="https://thebittimes.com/tag/usdt.html">USDT</a> in total. It has affected up to 21,953 individuals. The dashboard further read, </p> 
 <p><strong>“These scammers are onboarding more people to crypto than any legitimate crypto organization. All in order to steal their money.”</strong></p> 
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 <p>It’s important to highlight that, in 2023, phishing scams will rank as the fourth most common type of fraudulent activity. In a recent example, just the previous month, a scammer executed a zero-transfer phishing attack and successfully collected $20 million worth of USDT. Furthermore, the most recent scam involving USDT aligns with Tether’s decision to recommence offering its stablecoin to customers. This comes after a hiatus of under a year. Right now, the increasing effect of scams in the industry remains critical.</p> 
 <p><strong>Also Read: Tether’s USDT Stablecoin Has Peg Stability Issue, Says Analyst</strong></p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>crypto</li> 
  <li>cryptocurrency</li> 
  <li>Phishing</li> 
  <li>Tether</li> 
  <li>USDT</li> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/4-5-million-in-usdt-wipped-out-in-phishing-scam-tbt63484.html">https://thebittimes.com/4-5-million-in-usdt-wipped-out-in-phishing-scam-tbt63484.html</a></p>

$4.5 Million in USDT Wipped Out In Phishing Scam

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