A notorious scammer has executed a zero transfer scam resulting in a jaw-dropping $20 million heist of Tether USDT.
Drawing attention to the growing prevalence of such scams, it has been revealed that 2023 has witnessed a staggering $40 million worth of cryptocurrencies fall victim to these insidious tactics.
However, the fraudster’s audacious scheme came to a screeching halt as Tether swiftly blacklisted them, leaving everyone wondering: how did they manage to pull off such a brazen theft in the first place?
This “zero remittance attack” has left the crypto community in disbelief, raising serious concerns about the safety and security of digital assets.
On August 1, a blockchain security service called PeckShieldAlert revealed that a scammer has used a zero-transfer attack to steal 20 million USDT from the address 0x407e.
“#PeckShieldAlert A #ZeroTransfer scammer grabbed 20M $USDT from 0x4071…9Cbc.
Intended Address: 0xa7B4BAC8f0f9692e56750aEFB5f6cB5516E90570
Phishing Address: 0xa7Bf48749D2E4aA29e3209879956b9bAa9E90570
#Tether $USDT has already added the scammer’s address 0xa7bf…0570 to the Blacklist”
By immediately adding the USDT scammer’s addresses to a blacklist, Tether aggressively frozen the stolen cryptocurrency assets
A few days prior, the victim had received 10 million USDT from Binance [BNB], and the coins had been moved to the specified alternative address.
ZachXBT Wondering who the victim is: Tether Scandal:
The good news is that Tether aggressively froze the stolen monies by adding the addresses of the USDT scammers to a blacklist within an hour. Tether’s swift action has ZachXBT, an on-chain detective, wondering who the victim is.
ZachXBT, who has previously investigated and revealed a number of phishing schemes, thought the company’s reaction time was unusually quick. He tweeted on Tuesday,
“Curious who this would be if it was blacklisted within 1hr.”