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Tether blacklists zero transfer scammer after $20M USDT theft

Tether blacklists zero transfer scammer after $20M USDT theft

Zero transfer scams are on the rise in the cryptocurrency ecosystem, resulting in over $40 million being stolen in 2023. One recent incident involved a scammer using a zero transfer phishing attack to steal $20 million worth of Tether (USDT). The victim intended to send the money to a specific address but mistakenly sent it to a phishing address instead. The scammer exploited the victim’s transaction history and sent a fake zero USDT token transfer to trick them into sending the funds. The wallet was quickly frozen by Tether, raising suspicions about the speed of the action. These scams take advantage of users who only check the first or last five digits of a wallet address, leading them to send assets to a phishing address. Zero transfer phishing scams have become increasingly common, with numerous instances reported in the past year. Overall, these scams highlight the need for caution and vigilance when engaging in cryptocurrency transactions.

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