Phishing Scam Drains $3.05M USDT from Crypto Wallet
A crypto user lost $3.05 million in USDT after approving a malicious transaction in a sophisticated phishing attack. On-chain security firms Lookonchain, PeckShield and Scam Sniffer traced the theft to a phishing contract that tricked the victim into signing a transfer of Aave-wrapped USDT (aEthUSDT).
Scam Sniffer warned that attackers exploit EIP-7702 upgraded addresses and batch transfers routed through the Uniswap Universal Router to mimic legitimate swaps. This follows a prior case where over $908,000 was drained from an approval signed 458 days earlier, highlighting the ongoing danger of old on-chain approvals.
According to a Bitget report, crypto scams cost $4.6 billion in 2024, with AI-enabled fraud accounting for nearly 40% of large-scale drains. Users are urged to double-check every transaction, revoke outdated permissions and verify URLs to guard against phishing attacks. Emerging initiatives by Bitget, SlowMist and Elliptic aim to disrupt fraud networks, but vigilance remains essential.
Bearish
High-value phishing attacks undermine trader confidence and highlight persistent security risks. Similar incidents, such as the $600K Wormhole hack and repeated Uniswap Universal Router scams, triggered sell-offs on exploited assets and a shift toward safer protocols. In the short term, USDT trading pairs may see increased volatility as users reassess counterparty risks. Long term, demand for robust on-chain security tools and approval-management services is likely to rise, but trust recovery could be slow, keeping downward pressure on DeFi token valuations.