Ethereum user loses nearly 1 million USDT in phishing - ForkLog

# Ethereum user loses nearly 1 million USDT in phishing attack

On July 8, an unknown user lost 999,999 USDT after signing a phishing transaction on the Ethereum network. Scam Sniffer analysts noted the incident.

🚨 Someone lost $999,999 in USDT after signing a phishing token approval on Ethereum. 🎣

victim: 0x8c949361b49320c48a51f4b1c6f9f83862530f89
tx: https://t.co/54YXrwiVBi

🧵 pic.twitter.com/hnHPeQjNML

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) July 9, 2026

First, the attackers attempted to withdraw exactly $1 million via a multicall function, but then drained the exact remainder through several transfers.

In the end, the theft was carried out in three transactions: 639,999 USDT, 159,999 USDT, and 200,000 USDT.

On Etherscan, the recipient address is flagged as phishing.

Scam Sniffer advised cryptocurrency users to double-check all signature requests before approval, avoid hasty transactions, and use specialized tools like extensions for scam detection.

A similar incident occurred on July 4. A wallet owner lost $1.65 million after connecting to a fake exchange and signing a malicious contract.

A wallet holder lost $1.65M after connecting to a fake exchange and signing a malicious contract. The approval gave attackers unlimited access, enabling an automated sweeper to drain funds. Always verify contracts and revoke unused token approvals. pic.twitter.com/MbwJx2CHSe

— Ryan C. Coleman (@RyanColeXBT) July 3, 2026

"The approval gave attackers unlimited access, enabling an automated sweeper to drain the wallet. Always verify contracts and revoke unused token approvals," researcher Ryan Coleman noted.

Recall that in the first six months of 2026, the crypto industry lost $1.32 billion due to security incidents, according to CertiK. In the first quarter, phishing was the largest source of losses.