User Loses $329,743 to 408-Day-Old Phishing Approval: Critical Crypto Security Alert

By Carina W.

In a sobering reminder of persistent security threats in the cryptocurrency space, on-chain analyst Scam Sniffer (@realScamSniffer) has reported that a user lost $329,743 in assets due to a phishing approval signed 408 days prior to the theft.

The victim, identified by the wallet address 0x3e647e803457f812b648c5a4ee83166f05e32502, had unknowingly granted authorization to a malicious actor over a year ago. The scammer, operating from wallet 0x0cad61aae9c861f52fd55b0fcb06bbc73910b023, eventually exploited this long-dormant approval to drain significant funds.

The transaction that granted this dangerous permission can be viewed on Etherscan:

0x8126981ca3f780682666c3f573fdd1357603b2c6bad49d68ee1465736793e623

Security Experts Urge Wallet Maintenance

This incident highlights a critical yet often overlooked aspect of cryptocurrency security: the need to regularly review and revoke outdated approvals. Security analysts emphasize that token approvals can remain active indefinitely unless manually revoked, creating persistent vulnerabilities that malicious actors can exploit months or even years later.

Crypto holders are strongly advised to implement regular security audits of their wallets, with special attention to token approvals granted to external protocols and applications. Several tools are available to help users identify and revoke potentially dangerous approvals before they can be exploited.

As this case demonstrates, maintaining proper wallet hygiene is not a one-time task but an essential ongoing practice for anyone serious about protecting their digital assets in the cryptocurrency ecosystem.