Crypto victim loses $908K in sophisticated phishing attack
Main Idea
A crypto user lost $908,551 in a sophisticated phishing attack after signing a malicious ERC-20 approval transaction 15 months prior, highlighting the risks of wallet security and the importance of regularly reviewing token approvals.
Key Points
1. The victim lost $908,551 in USDC after a scammer exploited an old ERC-20 approval transaction signed 458 days earlier, granting ongoing access to their funds.
2. The scammer waited until the victim deposited significant funds ($762,397 and $146,154 in USDC) into the compromised wallet before executing the theft.
3. Scam Sniffer warned users to 'regularly review and revoke old approvals' to prevent similar wallet-draining attacks.
4. In July, bad actors stole over $142 million across at least 17 separate crypto attacks, with CoinDCX being the most significant victim.
5. The attack underscores the need for vigilance in wallet security, as scammers may wait for months or years before exploiting vulnerabilities.
Description
A victim lost $908,551 in a crypto phishing scam 15 months after signing a malicious approval transaction. The scammer waited until two large deposits were made before striking.
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