An unnamed individual sadly fell victim to a phishing scam, resulting in a significant loss exceeding $674,000 in USDC amidst the increasing frequency of such fraudulent activities.
PeckShield, a blockchain security platform, highlighted this incident in a recent post on X, citing data from the Ethereum blockchain explorer Etherscan. The perpetrators managed to siphon off 674,962 USDC from the victim’s wallets to two separate addresses at 04:57 AM UTC. Out of this, 607,527 USDC was transferred to an untagged wallet, while the remaining 67,435 USDC went to a wallet identified as a phishing address.
Following the receipt of $607,527 in USDC, the untagged wallet proceeded to transfer the funds to Ox, a blockchain protocol facilitating peer-to-peer digital asset exchange. The scammers then exchanged the USDC for 160.32 Ethereum (ETH) tokens, sending 159 ETH to a Zerion wallet.
On-chain data reveals that the perpetrators have been draining the victim’s address since March 1, repeatedly utilizing smart contract functions to transfer assets to addresses under their control. These transactions involved various assets, including 35.44 AstraAI (ASTRA) tokens valued at $98.18, with over 400 similar transactions executed within the past five days.
While the $647,000 transfer is the most significant, ongoing movements indicate that the victim’s assets continue to be diverted to the phishing wallet. For instance, shortly after the $647,000 transfer, 691,333 NOIA Token (NOIA) valued at $163,378 were transferred.
To prevent further loss, the victim, whose remaining balance is over $59,000, must revoke any permissions granted to the scammers. The cryptocurrency community has witnessed a surge in phishing scams, with perpetrators employing increasingly sophisticated tactics, such as hacking social media accounts and sending fake emails.
Notably, on-chain security resource Scam Sniffer disclosed that phishing scams resulted in over $300 million in losses last year, affecting up to 320,000 users. This underscores the importance of vigilance and caution among cryptocurrency investors to mitigate the risks associated with such fraudulent activities.