Crypto User Loses $209,816 in WBTC and tBTC Scam
A crypto user lost $209,816 worth of WBTC and tBTC after signing malicious “permit” and “increaseApproval” signatures. The victim, known as 0x4a..a27f, was targeted in a phishing scam. The scam involved addresses 0x62..D0Ca, 0x72..1A1, and 0xaF1..8094, according to Scam Sniffer.
The victim signed requests that allowed third-party contracts to access tokens without direct transactions. Scammers disguised these requests as normal approvals to steal funds.
Warnings and Scam Statistics
Scam Sniffer advised users to double-check all signature requests and avoid rushing into signing transactions. They also recommend using tools to detect suspicious links and decentralized applications (dApps).
In September 2025, crypto scams caused losses of $11.78 million, slightly less than August. However, the number of victims rose to 15,513. Most attacks involved fake “permit” signatures. One victim lost $6.5 million by signing multiple fraudulent requests.
New Tools to Combat Phishing
The Security Alliance (SEAL) launched the Verifiable Phishing Reporter to fight advanced online scams. This tool allows security experts to view scam websites as victims see them. It uses verification technology to confirm reports and prevent scammers from hiding or altering harmful content.
This recent scam reflects earlier large-scale frauds, such as the $6 billion Bitcoin Ponzi scheme by Qian Zhimin. Thousands of Chinese investors were defrauded. Authorities seized 61,000 Bitcoin worth $7.4 billion, but recovering the stolen funds remains difficult due to ownership issues.
