Crypto Victim Loses $908K in Sophisticated Phishing Attack: How Dormant ERC-20 Approvals Enable Wallet Draining
A crypto user has suffered a devastating $908,551 loss in an advanced phishing attack more than 15 months after unwittingly signing a malicious ERC-20 token approval. This security lapse, which allowed scammers to siphon funds in a single transaction, underlines the critical importance of routinely managing wallet permissions for anyone active in DeFi and Web3….