Hackers Steal $850,000 in Zero Transfer Scam: How to Protect Yourself

According to reports, according to PeckShield monitoring, on April 4th at 15:03, a zero transfer scam attacker profited approximately 850000 USD from a transaction. The fishing address is 0xEB40342d0F7A5a0AACEFBb9A32C9D2e22184683d, and the victim’s original transfer destination address is 0xEb40342d42967A70066EfDB498c69Fd8B184683D.

A zero transfer scam where attackers steal approximately 850000 USDT from a transaction

On April 4th, 2021, a zero transfer scam was reported to have cost a victim approximately $850,000. This is just one of many instances of cybercriminals taking advantage of unsuspecting individuals in the world of cryptocurrency. In this article, we’ll discuss what a zero transfer scam is, how it works, and what you can do to protect yourself.

What is a zero transfer scam?

A zero transfer scam is a type of scam where a hacker creates a phishing address that closely resembles a legitimate destination address. The hacker then waits for someone to make a large cryptocurrency transaction and quickly intervenes by stealing the funds.

How does a zero transfer scam work?

In a zero transfer scam, the victim intends to make a legitimate transaction, but unwittingly sends the cryptocurrency to a phishing address. The hacker has already created an identical-looking address and waits for a victim to make a transaction. When the transaction is underway, the hacker impersonates the intended recipient and requests the victim to send the cryptocurrency to the phishing address instead.
The victim, thinking they are sending the funds safely, sends the cryptocurrency to the phishing address, and the hacker quickly swoops in to take the funds. Once the hacker has the currency, it can be difficult, if not impossible, to get it back.

How to protect yourself from zero transfer scams?

There are several ways to protect yourself from zero transfer scams.

1. Always double-check the destination address

Before sending any cryptocurrency, double-check the destination address to ensure it matches the intended recipient’s address. Be extra cautious when sending large amounts.

2. Use a hardware wallet

Hardware wallets are considered the safest way to store cryptocurrency. They keep the private keys offline, which makes them almost hack-proof.

3. Use a reputable exchange

Using a reputable exchange can help minimize the risk of falling victim to a zero transfer scam. Reputable exchanges typically have better security measures in place.

4. Educate yourself

Educate yourself on different types of cryptocurrency scams and be aware of the latest techniques and trends used by hackers.

Conclusion

Crypto scams are on the rise, and zero transfer scams are just one of many ways cybercriminals are looking to take advantage of unsuspecting individuals. By staying vigilant and taking the necessary precautions, you can protect yourself and your investments.

FAQs

Q1. What is the phishing address in the zero transfer scam?

The phishing address in the zero transfer scam is 0xEB40342d0F7A5a0AACEFBb9A32C9D2e22184683d.

Q2. How much money was stolen in the zero transfer scam?

Around $850,000 was stolen in the zero transfer scam.

Q3. Are there any government regulations against cryptocurrency scams?

There are currently no specific regulations against cryptocurrency scams, but many countries are discussing implementing guidelines to regulate cryptocurrency exchanges and transactions.