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.
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
