{"id":55761,"date":"2023-08-01T08:35:06","date_gmt":"2023-08-01T12:35:06","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=55761"},"modified":"2023-08-01T08:35:08","modified_gmt":"2023-08-01T12:35:08","slug":"tether-blacklists-zero-transfer-scammer-who-stole-20m-usdt","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/tether-blacklists-zero-transfer-scammer-who-stole-20m-usdt\/","title":{"rendered":"Tether Blacklists Zero Transfer Scammer Who Stole $20M USDT"},"content":{"rendered":"\n

On August 1, a hacker using a zero transfer phishing attack stole $20 million worth of Tether before being blacklisted by the stablecoin's issuer, Tether.<\/a><\/p>\n\n\n\n

\"Tether
Tether Blacklists Zero Transfer Scammer Who Stole $20M USDT<\/figcaption><\/figure>\n\n\n\n

A zero transfer fraudster allegedly stole 20 million USDT from the victim address 0x4071\u20269Cbc, as reported by the on-chain analytics firm PeckShield. <\/p>\n\n\n\n

The victim intended to send funds to the address 0xa7B4BAC8f0f9692e56750aEFB5f6cB5516E90570; however, the funds were sent to a fraudulent address: 0xa7Bf48749D2E4aA29e3209879956b9bAa9E90570.<\/p>\n\n\n\n

\"\"
The zero transfer phishing scam. Source: Etherscan<\/figcaption><\/figure>\n\n\n\n

The wallet address of the victim initially received $10 million from a Binance account. The victim then forwarded it to another address before the hacker intervened. The con artist then sent a fraudulent transfer of zero USDT tokens<\/a> from the victim's account to the phishing address.<\/p>\n\n\n\n

A few hours later, the victim wired 20 million USDT to the con artist, believing they were transmitting the funds to the victim's desired address.<\/p>\n\n\n\n

Tether, the issuer of USDT, promptly froze the wallet, which raised eyebrows due to the promptness of the action.<\/p>\n\n\n\n

\n

#PeckShieldAlert\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> A #ZeroTransfer<\/use><\/svg><\/span><\/a> scammer grabbed 20M $USDT<\/use><\/svg><\/span><\/a> from 0x4071…9Cbc.
Intended Address: 0xa7B4BAC8f0f9692e56750aEFB5f6cB5516E90570
Phishing Address: 0xa7Bf48749D2E4aA29e3209879956b9bAa9E90570#Tether<\/use><\/svg><\/span><\/a> $USDT<\/use><\/svg><\/span><\/a> has already added the scammer's address 0xa7bf…0570 to the\u2026 pic.twitter.com\/Y0APPTxIrT<\/use><\/svg><\/span><\/a><\/p>— PeckShieldAlert (@PeckShieldAlert) August 1, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

Users typically examine the first or last five digits of a wallet address<\/a> rather than the entire address, leading to the transfer of assets to a fraudulent address. <\/p>\n\n\n\n

The victim is duped into transferring a zero-token transaction from their wallet to an address that resembles an address to which they have previously sent tokens.<\/p>\n\n\n\n

\"\"
How a zero transfer scam works. Source: Coinbase<\/figcaption><\/figure>\n\n\n\n

For example, if the victim sent 100 coins to an address for an exchange deposit, the attacker could transmit 0 coins from the victim's wallet to a similar-looking address under their control. <\/p>\n\n\n\n

The victim may transfer their cryptocurrency to the phishing address after viewing this transaction in their transaction history and assuming that the displayed address is correct.<\/p>\n\n\n\n

Multiple instances of zero-transfer phishing schemes have surfaced in the crypto ecosystem over the past year, demonstrating their prevalence. Since December 2022, when one of the first zero transfer scams<\/use><\/svg><\/span><\/a> occurred, over $40 million has been lost to such attacks.<\/p>\n","protected":false},"excerpt":{"rendered":"

On August 1, a hacker using a zero transfer phishing attack stole $20 million worth of Tether before being blacklisted by the stablecoin’s issuer, Tether. A zero transfer fraudster allegedly stole 20 million USDT from the victim address 0x4071\u20269Cbc, as reported by the on-chain analytics firm PeckShield. The victim intended to send funds to the […]<\/p>\n","protected":false},"author":12,"featured_media":55769,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[81],"tags":[1103,15555,15556],"class_list":["post-55761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin-news","tag-tether","tag-tether-usdt","tag-zero-transfer-scam"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/08\/image-4.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/55761","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=55761"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/55761\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/55769"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=55761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=55761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=55761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}