Crypto Scam Alert: Victim Loses $4.46 Million in Elaborate Deception
In a startling revelation based on data from Etherscan, an unsuspecting cryptocurrency user has fallen victim to a sophisticated scam, inadvertently transferring approximately $4.46 million worth of Tether (USDT) from the Kraken cryptocurrency exchange wallet to an address ending with “ACa7.”
PeckShield, a blockchain security company, identified the destination address as belonging to a fraudulent individual, shedding light on a complex web of deception that ensnared the victim. The address 0x2175…f7D9 fell prey to a scam.
#PeckShieldAlert The address 0x2175…f7D9 got scammed for 4.46M $USDT
Victim’s address: 0x2175c0082d052872501f7fe54e1aC59858aaf7D9
Scammer’s address: 0xAbb07822F471773Ff00b9444308ceEB7cf0dACa7 pic.twitter.com/Ny9CIrkBxw
— PeckShieldAlert (@PeckShieldAlert) September 21, 2023
Victim’s Address: 0x2175c0082d052872501f7fe54e1aC59858aaf7D9
Scammer’s Address: 0xAbb07822F471773Ff00b9444308ceEB7cf0dACa7
Meanwhile, another fraud monitoring platform named Scam Sniffer has revealed that the funds were redirected to an address associated with a “counterfeit Coinone crypto-mining exchange.” Astonishingly, someone withdrew $4.46 million from Kraken to this fake Coinone crypto-mining exchange about an hour ago.
Of note, according to aggregated data on Scam Sniffer, such attacks have created conditions for cybercriminals to pilfer a total of $337.1 million in USDT and negatively impact nearly 22,000 individuals over recent times.
— Scam Sniffer (@realScamSniffer) September 20, 2023
The Global Anti-Fraud Organization disclosed that this type of deceptive mining scam typically lures victims into unwittingly granting unlimited withdrawal access from their cryptocurrency wallets.
When victims join these deceptive mining groups, they are prompted to pay what appears to be a seemingly harmless network fee in Ether (ETH), ranging from $10 to $50. However, GASO warns that this transparent network fee is merely a ploy to deceive users.
By clicking the payment button, victims inadvertently provide electronically signed authorization, granting unlimited access to their wallets through the USDT smart contract.
This alarming incident serves as a stark reminder of the ever-evolving tactics employed by cybercriminals in the cryptocurrency space. Users are urged to exercise extreme caution, verify transaction details thoroughly, and seek guidance from reputable sources to avoid falling prey to such elaborate scams.
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