Crypto User Loses $3.05M in Phishing Attack
NewsA phishing attack results in a $3.05M loss for a crypto user, highlighting security risks.
- Phishing attack causes $3.05M USDT loss for a crypto user.
- Incident underscores risks of malicious transaction signing.
- Community urges heightened alertness to phishing threats.
A crypto user lost $3.05 million through a sophisticated phishing attack involving a malicious EIP-7702 contract, as reported by blockchain analytics account Lookonchain on August 6, 2025.
This incident highlights vulnerabilities in DeFi security and the need for vigilance in transaction approvals, impacting user trust and potentially affecting similar crypto assets and platforms.
A crypto user fell victim to a sophisticated phishing attack losing $3.05 million primarily in USDT. Lookonchain, a blockchain analytics platform, first reported the incident on X (Twitter), highlighting the complex nature of the attack.
The attack utilized a malicious EIP-7702 contract. The victim unknowingly approved transactions allowing attackers access to the funds. Lookonchain and Scam Sniffer provided analysis of the attack, stressing the need for increased caution.
The immediate effect highlighted the vulnerability of DeFi wallets to phishing scams. Users were advised to double-check transactions before approving. The crypto community responded with calls for enhanced awareness and security measures against similar threats.
Financially, the incident saw the loss of $3.05M in USDT. The funds were rapidly obfuscated and proved impossible to recover. Crypto analysts emphasized avoiding unintended approvals in all decentralized finance transactions.
The loss adds to a growing concern of phishing risks in the crypto industry, with $4.6 billion lost in scams last year. Long-lived token approval grants were flagged as high-risk by security analysts.
Historical examples of similar attacks showed that malicious approvals led to large-scale losses. Regulatory warnings on DeFi self-custody risks have emerged, though specific guidance on EIP-7702 attacks remain limited.
“Someone fell victim to a phishing attack, signed a malicious transfer, and lost 3.05M $USDT! Stay alert, stay safe. One wrong click can drain your wallet. Never sign a transaction you don’t fully understand. Double-check the URL, double-check all signature requests.” — Lookonchain, Blockchain Analytics Expert
More From Crypto News
Aster (ASTER) Rises 4.88% in 24 Hours: What the Data Shows
Aster (ASTER) is trading at $0.655837, up 4.88% over the past 24 hours, according to CoinGecko data as of 19:13 UTC on November 11, 2026.
Bitcoin Misses Stock Rebound as ETF Outflows Hit Day Four
Bitcoin failed to follow a broad equity rebound on November 11, trading near $73,993 while Nasdaq-100 futures climbed 1.7% after CoreWeave posted an earnings be...
OCC Clears Coinbase National Trust Company for Crypto Custody
The OCC issued its decision in CD-1370 , formally authorizing Coinbase National Trust Company to operate as a federally chartered trust bank focused on digital-...
Reported Ankr Ethereum Bridge Drain Exceeds $303,000, The Defiant Says
The Ankr Ethereum Bridge was drained of more than $303,000 in an exploit carried out across five transactions.
Binance CFO Steps Down After Reported Hack, Co-CEO Cites Planned Transition
Binance’s chief financial officer has stepped down, the exchange confirmed, with the departure landing nine days after the platform suffered what has been descr...
US Treasury Takes Action Against MEXC Over Alleged $16B in Sanctions-Linked Transactions
The Treasury press release identifies MEXC as the subject of the action and ties the exchange to transaction flows connected to three sanctioned or adversarial...
