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Phishing Attacks Continue to Rise as Scammers Steal $675,000 Through USDT Approval Scam

2 mins
Updated by Geraint Price
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In Brief

  • Scammers stole 675,000 USDT and seven NFTs in two phishing attacks as the similar incidents continue to increase.
  • Blockchain security firm, PeckShield, advises users to revoke unlimited USDT spending permission to prevent further loss in phishing scams.
  • Cybersecurity expert, Nikesh Arora, suggests firms should modernize security infrastructure and utilize AI to outpace hackers.
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Scammers stole 675,000 USDT and seven non-fungible tokens (NFTs), including Mutant Ape Yacht Clubs, in two separate phishing attack incidents.

Crypto phishing scammers target victims through various means, such as fake airdrops, to steal their assets. Phishing attacks increased by 40% year-on-year from 2021 to 2022.

Revoke Unlimited USDT Spending Permission to Prevent Phishing Attacks

The blockchain security firm PeckShield has highlighted that a scammer stole over 675,000 USDT in five days. The scammer conducted the USDT approval scam by tricking the victim into allowing unlimited USDT spending.

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PeckShield has asked users to revoke the unlimited USDT spending permission to prevent further loss of funds. The blockchain security firm has not shared more details about the activity yet.

Total USDT stolen by the scammers by conducting phishing attacks. Source: X (Twitter)
Total USDT stolen by the scammers. Source: X (Twitter)

Previously, on Monday, PeckShield reported that another wallet stole seven NFTs on the Blur marketplace through a phishing attack. The seven NFTs include blue-chip collections like the Mutant Ape Yacht Club (MAYC) and Otherdeed Expanded.

Meanwhile, the NFT market continues to decline to new lows. On Monday, BeInCrypto reported that MAYC’s floor price dropped to 4.405 Ethereum (ETH) from the yearly highs of 17.5 ETH.

While the Bored Ape Yacht Club (BAYC) fell to 23.59 ETH from the high of 128 ETH in May 2022.

Transaction showcasing the NFT theft. Source: Etherscan
Transaction showcasing the NFT theft. Source: Etherscan

Firms Need to Modernize Their Security Infrastructure: Cybersecurity Expert

Scammers have come up with increasingly sophisticated methods to steal users’ funds. Hence, crypto projects must stay one step ahead of bad actors to restrict frequent thefts and hacks.

Nikesh Arora, CEO of the cybersecurity company Palo Alto Networks, shared his insights with the financial commentator Jim Cramer regarding the frequent cyber thefts. He believes that firms must modernize their security infrastructure to beat the bad actors.

Arora suggested that the firms could also utilize artificial intelligence (AI) to match the speed of hackers. He said:

“It used to take days to hack into systems, but now it can occur within a matter of hours. It’s important for us to make sure we’re ready to deflect the stuff in hours, not in days.

And that requires sort of a modernization. It doesn’t necessarily mean you have to spend more money. It just means you have to spend it smartly.”

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

Harsh Notariya
Harsh started investing in crypto during the 2021 bull market. He took the opportunity of the market crash in May to learn more about Bitcoin and blockchain technology. Since...