Ethereum Phishing Scam Drains Near $1 Million from Crypto Wallet

A recent phishing scam on Ethereum has drained nearly $1 million from a crypto wallet. The victim lost 999,999 Tether (USDT) in an Ethereum phishing token approval scam after signing a malicious approval request. According to Scam Sniffer, the attackers first attempted to withdraw a rounded $1 million through multicall transactions but failed due to the wallet holding slightly less than that amount.

The attackers then adjusted their script and successfully withdrew the exact remaining balance. This incident highlights the ongoing issue of phishing approvals in crypto, where users unknowingly grant unlimited spending permissions while believing they are approving a harmless transaction.

Phishing scams caused $723 million in losses across 248 incidents in 2025, according to blockchain security firm CertiK. The latest incident follows another major wallet compromise reported earlier this month, where a crypto holder lost about $1.65 million after connecting to a fake exchange and signing a malicious smart contract.