User Loses $3.05 Million in Delayed Crypto Phishing Scam After 458 Days

A user recently fell victim to a sophisticated phishing scam that resulted in a $3.05 million loss due to signing a malicious transaction, as reported by Scam Sniffer and highlighted by BlockBeats [1]. The attack exploited the technical structure of ERC-20 tokens, allowing the scammer to gain long-term access to the user’s wallet. Although no funds were immediately withdrawn, the attacker waited more than 458 days—until the wallet held a substantial balance—before initiating the theft [4].

The scammer, operating under the wallet address “0x67E5Ae,” executed the withdrawal in a single transaction at 4:57 a.m. UTC on August 2. The user had previously deposited large amounts of USDC from platforms such as MetaMask and Kraken, making the eventual theft more impactful [4]. This approach reflects a growing trend in the crypto space: delayed attacks where scammers remain inactive until the victim’s wallet accumulates enough value to justify the effort [4].

Security analysts warn that such delayed approval-based scams are becoming increasingly common. Once a user signs an approval transaction, it can remain active indefinitely unless manually revoked [4]. This creates a window of vulnerability, especially for users who are unaware that their permissions may still be active long after an initial transaction. While tools like Etherscan’s Token Approval Checker can help users identify and revoke unnecessary approvals, the associated gas fees may deter users from taking action [4].

The incident also aligns with a broader rise in crypto-related attacks. In July alone, at least 17 separate exploits led to over $142 million in losses, involving phishing scams and major exchange breaches [4]. Once funds are transferred on the blockchain, they are typically irreversible, leaving victims with little to no recourse [3]. This case is not an isolated event; another user recently lost $908,551 after unknowingly approving a malicious transaction over a year prior [2]. Meanwhile, a $5,700 loss occurred when a woman was deceived into transferring funds, believing she was protecting her accounts [5]. These incidents highlight the evolving sophistication of cybercriminals in the crypto space.

Despite increased monitoring and awareness campaigns by security platforms like Scam Sniffer, many users remain vulnerable due to a lack of understanding of token approvals and transaction risks [4]. As the crypto ecosystem continues to expand, so too do the methods employed by scammers. Even seemingly minor actions—such as approving a small token transaction—can have severe and long-lasting consequences if not managed carefully [4].

Users are increasingly urged to adopt proactive security measures, including regular checks of token approvals and limiting the use of third-party services with access to their wallets. The incident serves as a critical reminder of the importance of digital asset security and the need for continuous education in the rapidly evolving crypto landscape [4].