A cryptocurrency user lost $908,551 in a sophisticated phishing attack that exploited a malicious ERC-20 approval transaction signed 458 days earlier. The victim unknowingly granted ongoing access to their wallet through this approval around April 30, 2024, likely via a phishing site or fake airdrop.
The scammer waited patiently until the compromised wallet had significant funds before executing the theft on August 2, 2025, draining $908,551 worth of USDC stablecoins in a single transaction.
The stolen amount came after the victim deposited over $900,000 into the compromised wallet within a short period in July 2025. The attacker remained dormant for 15 months, targeting the wallet only when its balance made the theft worthwhile.
This attack is an indication of phishing approval scams where scammers patiently monitor wallets with malicious approvals and strike only when valuable assets are available. The scammer did not need the victim’s private keys to steal the funds—only the token approval permission granted earlier was exploited.
To prevent similar attacks, users are strongly advised to regularly check and revoke old or unnecessary token approvals using tools like Etherscan’s Token Approval Checker or Revoke.cash, though revocation requires a transaction fee (gas).
Users should also adopt security best practices such as using hardware wallets and being cautious about signing any transaction prompts, especially from unknown or suspicious sites.
This incident highlights ongoing risks in the crypto ecosystem where phishing and wallet approval attacks remain prevalent, with over $142 million stolen in July 2025 alone across multiple attacks.
This case underscores the importance of vigilant wallet permission management and security hygiene to protect against delayed but devastating phishing schemes that exploit overlooked approvals.
It's me, @justmythoughts, an ordinary Hive user looking to make the most of the platform. I will appreciate your support. Follow me for more. Thanks, Gracias :)