User Approvals Become Scammers' Keys to $119K Crypto Heist

$119,000 in Wrapped Bitcoin (WBTC) was drained from a user’s wallet after they fell victim to a phishing scam linked to a fake airdrop campaign, according to on-chain analysis and social media reports. The attack exploited a malicious “increaseApproval” transaction, which granted unauthorized access to the victim’s funds, resulting in the theft of 0.21 WBTC and 0.86 WBTC in a single transaction flow. The incident highlights the growing sophistication of crypto scams targeting users through social media platforms like X (formerly Twitter), where fake airdrop links are aggressively promoted by accounts impersonating legitimate crypto professionals $119K WBTC Drained in Wallet Scam Amid Fake Airdrop Surge^[1].

Airdrop scams have surged in 2025, leveraging social engineering tactics to deceive users into connecting their wallets to fraudulent websites. These sites often mimic official project pages, with subtle URL discrepancies and urgent calls to action—such as “claim your free tokens”—to pressure victims into approving transactions. Once connected, malicious contracts can drain wallets instantly, as seen in a recent Celestia airdrop scam where fake accounts with altered handles and logos tricked users into sharing wallet addresses for a promised TIA token giveaway Airdrop Scams in Crypto and How to Avoid Them - CoinGecko^[2].

Web3 Antivirus, a blockchain security firm, emphasized the risks of approving transactions without verification. “A single approval can compromise entire wallets,” the firm warned on X, urging users to scrutinize transaction details and verify official channels before interacting with unfamiliar links $119K WBTC Drained in Wallet Scam Amid Fake Airdrop Surge^[1]. The recent WBTC theft aligns with broader trends: in the first half of 2025, phishing scams alone accounted for over $340 million in losses, with fake airdrops contributing significantly to the total User Loses $120,000 WBTC In Phishing Scam - coinlineup.com^[5].

Scammers often exploit the trust users place in social media influencers and community platforms. For example, a fake profile impersonating “OlimpioCrypto” promoted a fraudulent airdrop with a URL misspelled as “eansrdrop.io,” mimicking the legitimate “earndrop.io” site. Upon connecting their wallets, victims were prompted to sign transactions that granted scammers unlimited token approvals, enabling immediate fund transfers Airdrop Scams in Crypto and How to Avoid Them - CoinGecko^[2]. Similar tactics were observed in a 2023 case where a fake “OptiMoon” airdrop drained $2.3 million from 847 users by requesting seed phrases and creating a false sense of urgency How to Spot a Fake Airdrop Page (With Examples) – BlockForOne^[4].

Security experts recommend multi-layered precautions to mitigate risks. These include using airdrop-specific wallets with limited funds, verifying URLs character-by-character, and leveraging tools like Revoke.cash to monitor and revoke suspicious approvals. Additionally, users are advised to avoid sharing private keys or seed phrases and to cross-check airdrop announcements through official project websites, verified Discord servers, and reputable crypto news platforms Airdrop Scams in Crypto and How to Avoid Them - CoinGecko^[2].

The WBTC incident underscores the critical need for user education in the DeFi space. While airdrops can offer legitimate rewards, the rapid proliferation of scams—ranging from counterfeit tokens in wallets to malicious smart contracts—requires heightened vigilance. As phishing attacks evolve, the onus remains on users to adopt robust security practices, ensuring that the promise of decentralized finance does not become a vector for exploitation User Loses $120,000 WBTC In Phishing Scam - coinlineup.com^[5].