In a surprising turn of events, a crypto user faced a phishing scam which resulted in the person losing out on 129 million USDT. According to the details of the scam, the wallet address of the user who came across a phishing scam had similar first and last numbers.
By copying the incorrect address, the person unintentionally moved USDT 129 million to the phishing wallet address THcTxQ…i6q1bu8. The phishing group thankfully refunded 90% of the money in less than an hour, and the remaining 10% was returned in full within four hours.
The scam comes at a time when the entire crypto industry has seen a rise in scams ranging from laundering to phishing.
Crypto Industry Sees New Methods of Scams
The crypto world has been grappling with a rise in scams, most of which have been conducted by North Korean scammers. As UnoCrypto reported earlier, new methods for crypto fraud are being used by North hackers.
Phishing and malware schemes are the most recent addition to the lengthy list of methods that hackers in the DPRK have been using to steal cryptocurrency.
SentinelLabs researchers have found that since July 2024, targeted victims in cryptocurrency-related businesses have been receiving phishing emails that seem to provide helpful information regarding the risks associated with the rise in the price of Bitcoin. However, these emails were anchors for North Korean hackers to get information and crypto money from people.
Phishing Scams Rise in Q3 2024
According to data, phishing scammers have been actively targeting the cryptocurrency industry in the third quarter of 2024.
Modern crypto phishing attacks are sophisticated and risky for investors due to the way attackers deceive users into disclosing private keys and other critical information.
Due to the quick and decentralized nature of cryptocurrency transactions, these platforms have become a popular target for hackers, who are constantly modifying their strategies to take advantage of weaker users.
How Can Users Stay Away From Phishing Scams?
Most industry standards dictate that users should keep their funds safe and stay away from dubious emails and links. Additionally, industry experts suggest users store their cryptocurrency in hardware wallets, use two-factor authentication, and be extra cautious when they receive unwanted messages.
Verification of unfamiliar messages or links and only visiting reliable platforms are also emphasized on the platform. Investors must be aware and aggressive in their fight against cybercriminals since phishing scams are becoming increasingly complex and challenging to identify.