$2.5 Million Lost to Sophisticated On-Chain Phishing Attack in Under Three Hours

A crypto user has suffered significant losses due to two sophisticated phishing attacks within a short timeframe. The victim lost a combined $2.5 million in stablecoins, according to data released by blockchain compliance firm Cyvers on May 26th. The first attack saw the victim send $843,000 worth of Tether (USDT), followed shortly after by another attack involving a larger transfer of $2.6 million. The attacks utilized a zero-value transfer scam, where attackers leveraged blockchain protocols to initiate fraudulent transactions without actually moving funds, effectively exploiting the