A crypto investor has fallen victim to a sophisticated phishing scam, losing a staggering $2.6 million in stablecoins within just three hours. The incident is yet another stark reminder of the growing threat of onchain fraud in the decentralized finance ecosystem.
Two Scams, One Day — $2.6 Million Gone
On May 26, crypto compliance firm Cyvers revealed that a single wallet address sent $843,000 worth of USDt (Tether) in an unauthorized transaction — only to lose another $1.75 million USDt just hours later. Both transfers occurred without the victim’s active consent, highlighting a clever form of phishing known as zero-value transfer attacks.
“This was a highly targeted attack using one of the most deceptive onchain phishing methods we’ve seen,” Cyvers stated in its analysis.
What Is a Zero-Value Transfer Scam?
A zero-value transfer scam is an onchain phishing technique that exploits the Ethereum token “transferFrom” function. Here’s how it works:
- Attackers send zero tokens from a victim’s wallet to a spoofed address (no private key needed).
- This fake transaction appears in the victim’s wallet history as if it were legitimate.
- Later, when the victim sees the address again, they may mistakenly trust it and send real funds.
“Victims think they’ve transacted with this address before — but it’s a trap,” explained blockchain security expert PeckShield.
A Growing Threat in Crypto Security
This case is not isolated. In 2023, a similar zero-transfer scam led to the theft of $20 million in USDT, prompting Tether to blacklist the attacker’s wallet. These methods are becoming increasingly common and harder to detect by even experienced crypto users.
Conclusion: Stay Alert, Verify Every Address
As crypto phishing scams evolve, users must be more cautious than ever. Always verify wallet addresses independently, and avoid relying solely on transaction history. Hardware wallets, address whitelisting, and wallet monitoring tools can help reduce risks.
Losing millions can happen in minutes — but staying informed is your first line of defense.