Crypto Phishing Attack: $3M USDT Lost, $1B+ Stolen in 2024
An anonymous investor lost $3.05M USDT in a crypto phishing attack after signing a malicious transaction without verifying the contract address. A similar scam cost another victim $900,000 USDT, underscoring the rise in crypto phishing attacks that exploit spoofed addresses and weak wallet security. In May 2024, an address-poisoning incident stole $71M but was later refunded. CertiK’s Web3 Security Report shows phishing attacks in 2024 have netted over $1B across 296 breaches, including three over $100M. Binance’s security team launched an antidote algorithm in May, flagging 15M poisoned addresses to boost blockchain security. Crypto traders should enforce strict contract verification and wallet hygiene to mitigate phishing threats.
Neutral
The neutral view reflects that while this crypto phishing attack undermines confidence in USDT transactions and highlights systemic security risks, it is unlikely to affect USDT’s peg or market price materially. In the short term, traders may exercise greater caution with USDT transfers, potentially reducing on-chain volume. Over the long term, improved security measures like Binance’s antidote algorithm and heightened contract verification should restore confidence and stabilise trading activity. Thus, the incident’s impact on USDT’s market value remains limited, resulting in a neutral outlook.