Tether, the issuer of the stablecoin USDT, has taken quick action blocking the funds of a zero-transfer scammer.
Scammers are always ready to steal funds when a user makes the slightest mistake. Hence, blockchain users need to pay full attention while making a transaction on-chain.
Tether Scammer Tricked User Into Sending USDT to Phishing Address
According to the blockchain security firm PeckShieldAlert, a scammer stole 20 million USDT from 0x407e through the zero-transfer attack.
Most zero-transfer attacks have a similar modus operandi. First, the scammers trick the users into sending a $0 transaction to a phishing address similar to an address where the victim frequently transfers the funds.
Most users check the wallet address’s first few digits and the last few digits, ignoring the complete address. That is why scammers are able to outsmart the victims with a phishing address that looks similar to the original address at first glance.
The image below shows that the original and phishing addresses’ first five and last three digits are the same.
In this case, the Tether scammer tricked the victim into making transactions worth 0 USDT to a phishing address. And lastly, when the user was trying to make an actual transaction, they mistook the phishing address as the original.
ZachXBT Curious About Victim’s Identity
On the brighter side, Tether proactively froze the stolen funds by putting the USDT scammers’ addresses on a blacklist within just one hour. Tether’s quick action has made the on-chain sleuth ZachXBT curious about the victim’s identity.
Another X user shared a similar opinion to that of ZachXBT. They wrote:
“Same, Tether takes days to do that after obvious hacks but was acted here extremely quickly.”
The community members’ discussion points to the possibility that the victimized wallet owner could be someone influential or some large firm.
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