Trader loses $1M after signing phishing token approval
Onchain scammers netted more than $14 billion last year, and approval phishing remains a primary attack vector.
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Written by Martin Youngstaff writerReviewed by Felix Ngstaff editorWritten by Martin Youngstaff writerReviewed by Felix Ngstaff editorTrader loses $1M after signing phishing token approvalLatest NewsPublishedJul 9, 2026Onchain scammers netted more than $14 billion last year, and approval phishing remains a primary attack vector.A crypto user lost nearly $1 million on Wednesday after signing a phishing token approval on Ethereum, according to onchain data. It comes as the industry recorded $366 million in phishing losses in the first half of the year. A Scam Sniffer alert on Thursday revealed a victim lost 999,999 USDt (USDT) to an Ethereum phishing token approval scam.
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