Fraudulent Zero-Transfer Scheme Nets Attacker $2 Million in USDCs

03/03/2023 04:42 • Daily Digest • 85 views

On March 3, according to PeckShieldAlert data monitoring, the zero-transfer attacker made a profit of 2 million USDCs in February. The victim made a test transfer of 10 USDCs before being cheated, and then the attacker imitated the transaction to make the transfer, causing the victim to transfer the funds to the attacker’s fake address by mistake.

Attackers made a profit of 2 million USDCs in February

Interpretation of the news:

According to recent data monitoring by PeckShieldAlert, a fraudulent zero-transfer attack succeeded in netting an attacker a profit of 2 million USDCs in February. In this type of attack, a victim is lured into testing a small transfer, typically around 10 USDCs. The attacker then imitates the transaction to trick the victim into transferring funds to the attacker’s fake address.

This type of scam is possible because of the unique nature of blockchain transactions. When a cryptocurrency transfer is initiated, it is broadcast to the blockchain network for verification. However, there is a small window of time during which the transfer can be canceled or replaced with a different transaction. Fraudulent actors like the zero-transfer attacker take advantage of this window by mimicking the original transaction and substituting their own address for the legitimate recipient.

In the case of the victim, the attacker was able to trick them into sending the funds to the fake address rather than the intended recipient. The victim would not have been aware of the discrepancy until it was too late. In this way, the attacker was able to make a substantial profit, with little effort or investment.

This type of attack raises concerns about the security of blockchain transactions and the vulnerability of users to fraudulent actors. It also highlights the need for increased education and awareness of the risks associated with cryptocurrency transactions.

To protect against zero-transfer attacks and other forms of fraud, users can take several precautions. One important step is to always verify the recipient address before sending any funds. Additionally, users can use multi-factor authentication and other security measures to protect their wallet and guard against potential hacking attempts.

In conclusion, the zero-transfer attack is a sophisticated and increasingly common form of cryptocurrency fraud. Users should take steps to protect themselves and their assets from these types of scams, and the industry as a whole should work to improve security and prevent further instances of fraud.

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Fraudulent Zero-Transfer Scheme Nets Attacker $2 Million in USDCs

Attackers made a profit of 2 million USDCs in February

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