A recent incident involving the theft of $330K in crypto assets due to a phishing approval has brought user security in the crypto world into focus.
Incident Details
According to Scam Sniffer, a Web3 anti-scam platform, the victim lost $329,743 in AAVE tokens after signing a phishing approval in February 2024. Funds were drained in March 2025 when the hacker transferred 1,999.23 AAVE tokens in a single transaction.
Phishing Attacks on the Crypto Industry
According to Chainalysis, the crypto industry has lost about $1 billion to phishing scams since May 2021. Scammers trick users into signing transactions that give them control over tokens, moving funds to new addresses.
Protection from Phishing
Protecting crypto assets requires vigilance. Users are advised to verify each transaction, increase awareness of scamming methods, and use reliable tools to secure their funds.
The case of fund theft via phishing approval highlights the importance of vigilance and knowledge of protection measures in crypto. Despite the complexity of attacks, users can reduce risks by practicing basic caution.
