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Phishing Scam Victim Transfers Staggering $4.5M in USDT to Scammer

An astounding $4.5 million in USDT falls prey to a phishing scam, originating from a compromised Kraken exchange wallet. The rising trend of cryptocurrency phishing scams continues to pose a significant threat.

Massive $4.5M Phishing Scam Unveiled

An unsuspecting cryptocurrency holder has fallen prey to a staggering $4.46 million phishing scam, with the funds initially withdrawn from a Kraken crypto exchange wallet and eventually landing in an address linked to a notorious phishing scammer.

Kraken Exchange Compromised

The incident began when $4.46 million worth of Tether (USDT) was withdrawn from a Kraken cryptocurrency exchange wallet, setting off a chain of transactions that ultimately led to an address identified by blockchain security firm PeckShield as belonging to a phishing scammer.

Fake Coinone Mining Exchange Connection

Reports from blockchain scam monitoring platform Scam Sniffer indicated that the funds were sent to an address associated with a fictitious Coinone crypto mining exchange. This revelation sheds light on the sophistication of the phishing scheme.

Rising Phishing Scams in Crypto

Data shared by Scam Sniffer through a user-generated Dune Analytics dashboard highlighted the alarming trend of phishing scams. Scammers have managed to siphon approximately $337.1 million in USDT, affecting over 21,953 individuals.