Following yet another close call, it was observed that dishonest actors had once more devised a fresh scheme to defraud victims. The CEO of Binance, Changpeng Zhao, hurriedly rushed to Twitter yesterday after arriving on the scene and alerted the crypto community about one such scam that might have resulted in the loss of $20 million.
However, in this phishing attack scenario, it was claimed that the operator, fortunately, was able to see the mistake and make the right choice before the money may have been lost.
Zhao explained how the scammers initially create addresses with the same first and last letters to explain this “unsuccessful” robbery. He also observed that many clients would fall for this deception since they would just look for the first and last characters rather than the middle portion of the pockets address. In actuality, many wallets use ellipses to cover up the center portion of the tackle.
Zhao described how these con artists would begin the second phase of their fraudulent attacks: “The con artist then uses this tackle to send you mud transactions in order to show the address in your pockets.”
Both the conventional receiving tackle and the phishing tackle, which were entirely different from one another, were given out by the operator using the alias “H.” Last but not least, the operator added that Tether had blacklisted the scammer’s address.
As soon as it was discovered that the phishing address was “100% Binance’s inner switch address,” the operator who had experienced this most recent concealed attack immediately identified Zhao and other Binance officers.
But according to the CEO of Binance, a request to freeze USDT was submitted, and it will take some steps, including filing a police case, to regain the money.
Several crypto community members mentioned that they have previously fallen for similar attack, which could have resulted in losses for them. Additionally, one user claimed that he used to only check the first three and last three characters of the pockets address. Zhao then said, “And That now not works.” Additionally, it is obvious that clients must thoroughly check the wallet addresses before completing a transaction in order to avoid falling victim to these vicious phishing attacks.
