A cryptocurrency investor has suffered a devastating loss of $908,551 worth of USDC stablecoins due to a meticulously timed phishing approval scam. The attacker exploited malicious token permissions granted 458 days earlier, seizing the funds shortly after the victim deposited substantial assets.
The attack originated when the victim unknowingly signed a fraudulent ERC-20 token approval, likely through interactions with a phishing website or counterfeit airdrop. The perpetrator strategically monitored the wallet for over a year before executing the theft once significant balances appeared.
This incident highlights escalating security risks in the cryptocurrency sector, where phishing and approval scams remain rampant. Recent industry reports indicate over $142 million in digital assets were stolen last July alone, including major exploits like the CoinDCX exchange breach.
Security specialists urgently recommend investors regularly review token authorizations using auditing tools such as Etherscan’s Token Approval Checker. Revoking dormant permissions and implementing proactive wallet management are critical defenses against evolving scam tactics targeting long-standing approvals.