Zero transfer scammer steals $20M USDT, gets blacklisted by Tether

Users usually check the very first or last 5 digits of a wallet address, not the entire address, leading them to send out the assets to a phishing address. The victim is tricked into sending a transaction for zero tokens from their wallet to an address that resembles one to which they have already sent tokens prior to. How a no transfer fraud works. Source: CoinbaseFor instance, if the victim sent 100 coins to an address for an exchange deposit, the assaulter might send out 0 coins from the victims wallet to an address that appears comparable but is controlled by the enemy. Upon viewing this transaction in their transaction history, the victim might presume that the address showed is the proper deposit address and send their coins to the phishing address.Related: Is SBF secretly behind BALD? Crypto Twitter arguments latest conspiracyZero transfer phishing rip-offs have actually become rather prominent in the crypto environment over the previous year, with multiple circumstances coming to light. Among the very first circumstances of an absolutely no transfer fraud occurred in December 2022, with over $40 million in losses to such attacks since.Collect this short article as an NFT to preserve this moment in history and show your assistance for independent journalism in the crypto space.Magazine: How wise people invest in dumb memecoins– 3-point prepare for succes

The designated address that the victim planned to send money to was 0xa7B4BAC8f0f9692e56750aEFB5f6cB5516E90570; however, it was sent out to a phishing address rather: 0xa7Bf48749D2E4aA29e3209879956b9bAa9E90570. The fraudster then sent out a fake Zero USDT token transfer from the victims account to the phishing address. A few hours later on, the victim sent out 20 million USDT to the fraudster, thinking they were moving it to their wanted address.

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The zero transfer scammer who stole $20M USDT executed a clever phishing scheme that exploited users' tendency to only check the first or last few digits of wallet addresses. By sending a transaction for zero tokens from a phishing address that closely resembled a legitimate one, the scammer tricked victims into believing they were sending funds to the correct address. This method has led to significant losses in the crypto community, highlighting the importance of verifying entire wallet addresses before making transactions.

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