Someone lost over $4.4 million of the Tether stablecoin after falling victim to a phishing scam that promised them fake mining rewards. A phisher lured in the victim, likely earning their trust and then promising high returns thanks to a “mining” operation. Typically, these projects fool their victims by showing them a growing balance on the platform’s software, even as the phishers drain their wallets.
These types of scams draw in tens of millions of dollars each month, and one researcher has estimated around $350 million in Tether have been stolen in these types of scams since September 2021.
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