Sun, July 14

Repeated Phishing Attack on Wallet Transfers $600K USDC to Bybit

Repeated Phishing Attack on Wallet Transfers $600K USDC to Bybit Market News
  • Phishing attacks target wallets, transferring funds to exchanges like Bybit.
  • Increased incidents reflect rising cyber threats in cryptocurrency transactions.

In a concerning repeat of past events, a wallet labeled “Fake_Phishing189983” has transferred 600,000 USDC to the cryptocurrency exchange Bybit. This same wallet fell victim to a phishing attack 62 days ago, resulting in the loss of $1.58 million, also sent to Bybit. The recurrence of such incidents highlights the persistent threat of phishing attacks in the crypto space. PeckShield, a prominent blockchain security firm, reported this. It has been actively monitoring and reporting on such incidents.

Phishing, a deceptive practice where attackers trick individuals into divulging sensitive information, has been a significant issue in the cryptocurrency sector. According to a report by Chainalysis, phishing scams accounted for $3.2 billion in cryptocurrency losses in 2022 alone. In 2024, phishing attacks have escalated, with an estimated $4 billion in losses reported so far. These attacks typically involve fake emails, social media messages, or websites designed to look like legitimate entities to steal private keys or login credentials.

The current case involving Phishing189983 is particularly alarming due to its magnitude and repetition. On two separate occasions, large sums were transferred to Bybit, raising questions about the security measures in place. And the effectiveness of responses to such incidents. 

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