On May 26, 2025, a crypto investor fell victim to a series of onchain phishing attacks, losing millions in Tether (USDT). The user mistakenly sent 843,000 USDT to an unintended address and then sent 1.75 million USDT more shortly after, all lost in a zero-value transfer scam. This method exploits user confusion, where scammers create fake addresses that resemble real ones in the victim's transaction history. Consequently, users might inadvertently send crypto to these fraudulent addresses. This scam form is part of a larger trend of address poisoning, which has cost investors millions recently. In 2025 alone, losses from such scams, particularly on the Ethereum and BNB Chain, have been staggering, with $1.8 million lost in February and $2.6 million in May from just one incident. To protect against these threats, users are advised to double-check addresses, use new ones for transactions, keep addresses private, and rely on reputable wallets with phishing protections.

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