Dramatic loss of $674,000 in phishing scam – incident analysis

Unidentified Market Participant Loses Over 674,000 USD in Phishing Scam

Unfortunately, the story of an unidentified cryptocurrency market participant has become another dramatic example of the consequences of phishing scams plaguing the blockchain industry.

Incident Identified by PeckShield Platform

The blockchain security platform PeckShield immediately responded, analyzing the incident that led to a loss of over 674,000 USD in USDC.

Details of the Fraudulent Transactions

According to the PeckShield report, the perpetrators transferred 674,962 USDC from the victim’s wallet to two other wallets. Out of this amount, 607,527 USDC was sent to an unidentified wallet, and the remaining 67,435 USDC to a phishing address.

It is worth noting that after receiving a substantial sum, the unidentified wallet transferred the funds to the Ox blockchain protocol, where they were converted to 160.32 Ethereum (ETH) tokens, which were then moved to a Zerion wallet.

Continuation of Transactions and Manipulation

Data on the blockchain revealed that the perpetrators conducted over 400 transactions in the last five days, continuing to empty the victim’s wallet.

In total, apart from transferring 647,000 USD, the scammers also moved 691,333 NOIA tokens worth 163,378 USD to a phishing address, significantly worsening the victim’s situation.

Rise of Phishing Scams in the Cryptocurrency Community

There is a growing number of phishing scams among cryptocurrency users, often involving impersonation of well-known brands and compromised accounts on social media.

According to Scam Sniffer analysis, in the year 2020 alone, losses related to phishing scams in the cryptocurrency industry amounted to over 300 million dollars, affecting up to 320,000 users.

Faced with increasingly specialized methods of fraud, user awareness and caution are becoming key to preventing dangers associated with cybercrime in the world of cryptocurrencies.