Crypto victim loses $908K in sophisticated phishing attack

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.