According to on-chain data, a cryptocurrency holder has reportedly been scammed out of $4.46 million in Tether (USDT). The funds were initially transferred from the Kraken crypto exchange and eventually sent to an address owned by a phishing scammer. Blockchain security firm PeckShield has identified the scammer’s address as 0xAbb07822F471773Ff00b9444308ceEB7cf0dACa7. Scam Sniffer, another blockchain scam platform, suggests that the funds were sent to an address linked to a fake Coinone crypto mining exchange. Scam Sniffer also highlights that similar scams have resulted in scammers stealing approximately $337.1 million in USDT, affecting over 21,000 individuals. The Global Anti-Scam Organisation warns that this type of scam typically tricks victims into authorizing unlimited withdrawals from their cryptocurrency wallet by clicking on a button that requests a network fee in Ether (ETH). However, this is a front to obtain the victim’s digitally signed authorization, allowing the scammer unlimited access to their wallet via the USDT smart contract.
