The user transferred a whopping amount of over 4.5 million USDT from Kraken Exchange to a phishing address owned by alleged crypto mining scammers.
According to Scam Sniffer, the user withdrew the amount from his Kraken account to a fake Coinone crypto mining exchange with the address ending in “ACa7”.
The onchain analyst, PeckShield, also noted the transaction and identified the recipient address as a phishing entity.
PeckShield further shared funds movement by demonstrating that the scammer address swapped all USDT into DAI and transferred funds to four different addresses.
![Fund Movement](https://www.cryptotimes.io/wp-content/uploads/2024/02/mDcJabl57doqPhTSlWVuFjcuOLijIVLBy1bb0378YcVBWrR6iT5D_0h29sxmn8KNgC-PTONLiAljEPQLoKn6EN3Du0_6LM-OCUF0lDXnIu1Fju21Y1aaWbRIRUICOy9GeW5kLI10MAZE1COx-VDZWhE.png)
Phishing is the most used technique by hackers. Using this method, scammers pretend to be a legitimate entity while draining funds from users while interacting. A crypto whale lost $24 million in a phishing scam on September 8.
Also read: Balancer Domain Hijacked, $238k Worth Of Crypto Stolen