451M USDT in Zero-Transfer Phishing Losses on the Tron Network

There have been several stories of significant losses to phishing scams on different blockchains, in addition to the $451 million USDT lost on the Tron network.

Many millions of dollars’ worth of digital assets have been stolen in recent zero-transfer phishing schemes that have plagued the cryptocurrency industry.

Bitrace, a blockchain analytics tool, found that market participants lost over 451 million Tether (USDT) due to zero-transfer phishing schemes on the Tron network.

A new kind of phishing, known as zero-transfer phishing, targets a user’s transaction history by having them verify zero-value transfers. Attackers may still compromise a user’s account without access to their private key if they send out transactions with no value at all.

Scammers often utilize addresses that begin and finish with the same set of characters as those to which the victim has previously sent tokens. Victims of this scam will inadvertently transmit their crypto assets to the scammer by sending to an address they copied from their transaction history.

There have been several instances of significant losses to phishing scams on different blockchains, in addition to the 451 million USDT lost on the Tron network. Last month, a customer of the Kraken cryptocurrency exchange lost 4.46 million USDT after sending the funds to a phishing account. The blockchain of Ethereum was the scene of the crime.

None, a cryptocurrency trading platform, had to temporarily suspend operations due to a phishing assault the day before $4.46 million USDT was stolen. The None deployer had $76,500 worth of NONE tokens and ether (ETH) stolen via a phishing account.

Similarly, despite having considerable on-chain knowledge, a well-known crypto whale recently lost $24.23 million in liquid-staked Ethereum to phishing fraudsters. One of the largest crypto phishing assaults in recent history occurred.

Tether, a business that issues USDT, once froze $20 million that a user had paid to a phisher by accident in August.

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