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Traders lose $1 million due to signing Ethereum phishing token authorization

2026-07-10 18:30:18
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A cryptocurrency user was tricked into signing a phishing token approval on Ethereum on Wednesday, resulting in a loss of nearly $1 million, online data showed. The incident has exacerbated a growing wave of authorized fishing losses, with a total of 248 such incidents occurring in 2025, with a total loss of $723 million, according to security firm CertiK.

Blockchain security monitoring agency Scam Sniffer reported the attack on Thursday, revealing that the victim lost exactly US$999,999 (USDT) in the attack. According to Scam Sniffer, the attacker first tried to transfer approximately $1 million through multiple transactions, but failed due to lack of funds. Seconds later, their script recalculated and executed subsequent transfers to withdraw the precise remaining balance.

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