Protect Yourself from Zero Transfer Phishing Attacks: How to Avoid Losing Millions in Crypto Scams

2023-08-03 17:09:22
There isn’t a day when there isn’t a major scam or hacker attack in the crypto sector. Now here’s another one, first spotted by blockchain analysts. A hacker managed to almost steal $20 million from USDT stablecoin. The attack was a zero-transfer type of phishing attack in which the hacker created an address that closely resembled the address of the actual recipient. Many millions of dollars have already been lost in zero phishing attacks According to data from Peckshield, the attacker created a transaction that closely resembled a real USDT transaction from the victim’s wallet. However, no funds were actually moved. The victim then unknowingly sent $20 million to the fraudster’s address. This was possible because the addresses of the actual recipient and the hacker were very similar, with the first and last characters exactly the same. In addition, the actual address has already made quite a few transactions with the victim’s wallet. In any case, in the end the scammers did not get access to the money, because Tether reacted quickly and blacklisted the scammer’s address. This prevented him from moving or paying out the stolen USD. However, Tether’s extremely quick reaction made many people wonder who the affected user might have been. Because although Tether is always quick to react, this step in less than an hour is considered particularly fast. The attacks therefore continue on a daily basis and although it is a fact that the loss from crypto fraud decreased by 75% in the first half of 2023, this was not because there were fewer attacks. Users have lost at least $108 million so far in 2023 through phishing scams alone. Zero transfer phishing attacks appeared at the end of 2022, and since then the attackers have defrauded at least 40 million dollars. So it’s always a good idea to check the full address, not just the last and first characters. Published on the BitcoinBázis page.
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