A crypto user lost $908,551 to a wallet-draining scam 458 days after unknowingly signing a malicious approval transaction, allowing ongoing access to the scammer’s wallet. The thief stole $908,551 worth of USDC stablecoin on Aug. 2, 2024.

The victim’s compromised wallet had minimal activity until $762,397 was deposited on July 2, followed by another $146,154. The scammer likely waited to drain the funds until they saw an increase in the wallet’s balance, a common tactic in phishing approval attacks.

To prevent such attacks, Ethereum users can use Etherscan’s Token Approval Checker to review and revoke unnecessary approvals, although each revocation requires a gas fee. In July, bad actors stole over $142 million in the crypto space through 17 attacks, with CoinDCX’s exploit leading to the most significant loss.

Read more at CoinTelegraph: Crypto Victim Loses $908,551 In Delayed Phishing Attack