A Reddit user was recently the victim of a scam cryptocurrency phishing scamlosing the equivalent of $250,000 in ether (ETH) after answering aa fake airdrop.
The scam first came to light when the Redditor posted details of the incident on the social platform last December. In the post, the victim explained that he deposited 100 ETH on Aave for lending purposes to generate interest. Shockingly, the user then noticed that 100 ETH had been unknowingly transferred from their account.
Crypto Scam transfers 100 ETH to the scammer’s wallet
“I’m shaking right now,” the post read. “I had about 100 ETH deposited into Aave for the loan to accrue interest and I just noticed 100 AAVE ETH being transferred from my account. Please help.”
The Reddit user explained that the theft occurred after interacting with what appeared to be a legitimate person Launching of frames.
“This was a quarter-million dollar life lesson that I hope you learn from,” one user responded, urging greater caution with fake airdrops. “Chasing pennies down dark alleys with a wallet full of hundreds…”
Airdrops are common events where cryptocurrencies are distributed free tokens in the owners’ wallets. But scammers are increasingly using fake airdrops to steal credentials and siphon funds from unsuspecting victims.
The scammer’s wallet shows a pattern of sending worthless fake tokens to other wallets. But the theft of 100 ETH was by far the biggest blow for the bad actor.
Other successful scams linked to the same wallet include smaller amounts of tokens such as PEPPER, RIOAND PAAL.
Unfortunately, the Reddit user was never able to recover the lost ETH, which is now worth over $250,000. The scammer’s wallet address has since been labeled as “Fake_Phishing270904” to alert other users to his shady activities.
How investors can stay protected
Here are some tips for investors to safeguard crypto assets from theft:
- Avoid interacting with suspicious links or websites
- Use safe and reliable cryptocurrency exchanges
- To enable 2-factor authentication on the accounts
- Store most of your holdings cold rooms OR hardware wallets
- Store your opening phrases and passwords offline in safe places
- Be wary of fake airdrops and giveaways
- In case of hunting by airdrop, use burner wallets
As cryptocurrencies become more mainstream, users need to exercise more caution against old and emerging crypto scam tactics. Taking preventative measures will help investors avoid the misfortune of the Reddit user who lost a quarter of a million dollars in ETH. Staying informed and vigilant is a cryptocurrency investor’s best defense.
