Web3 Wallet Drained of $1M in Sophisticated Phishing Heist – Are Your Crypto Assets Next?

Another day, another crypto hack—except this one stings. A Web3 wallet just got picked clean for nearly seven figures in a phishing attack so slick, it makes traditional bank fraud look like amateur hour.

How'd they do it? Same old story, new decentralized twist. Some poor soul clicked where they shouldn't have, and poof—there goes a life-changing stack of digital assets. The worst part? This wasn't some clumsy Nigerian prince scam. These attackers knew exactly how Web3 wallets work—and how to exploit human nature.

Security experts are screaming 'not your keys, not your crypto' until they're blue in the face. Meanwhile, the thieves are probably swapping the loot through privacy coins right now. Just another reminder that in crypto, you're your own bank—and your own security guard. Maybe that 'financial revolution' needs better insurance policies.

A rare phishing attack has recently drained a notable amount from a Web3 wallet. As per the data from Scam Sniffer, the attacker has taken away $908,551 $USDC from a Web3 wallet following a 1.5-year-long dormancy after signing a phishing approval. The crypto anti-scam platform has disclosed in a recent X post that, after this long dormancy, the attacker has recently emptied the wallet after the funds entered the wallet thirty days ago. This development highlights the consequences of not verifying the DeFi orders before signing them.

ALERT: A victim lost $908,551 due to a phishing approval signed 458 days ago.
REMINDER: Regularly review and revoke old approvals – your wallet security matters!pic.twitter.com/ch0HII5n31

Phishing Scammer Waits 1.5 Years to Finally Drain $908K from Web3 Wallet via Phishing Approval

The on-chain data points out that the Web3 wallet of the victim stayed empty for up to 458 days (nearly 1.5 years) after the phishing approval. Nonetheless, the exploiter remained patient and waited for the funds to enter the respective wallet to drain them. Hence, thirty days back, the wallet received up to 908,551.976006 $USDC. Following this, the attacker executed extraction and emptied the wallet within hours.

Web3 Users Advised to Revoke Previous Token Approval and Do Regular Audits

According to Scam Sniffer, the exploiter shrewdly drained the victim’s Web3 wallet after it obtained funds. In this respect, a cumulative 125 transfers were reportedly logged before the complete drainage of the respective wallet. The past transfer histories indicate interactions with MetaMask Swaps, Kraken, and other legitimate platforms, disclosing how lingering vulnerabilities could be masked by real activity. Hence, this incident reminds Web3 consumers to revoke former token approvals and regularly audit previous activity to prevent such exploitation.