A crypto user has lost about $209,000 worth of WBTC and tBTC after signing fake approval requests that gave scammers access to their wallet. The case, which was reported by blockchain security firm Scam Sniffer, explains that these phishing attacks are carried out using “permit” and “increaseApproval” signatures.
According to Scam Sniffer, the victim, identified as wallet 0x4a..a27f, was tricked by scammers using addresses 0x62..D0Ca, 0x72..1A1, and 0xaF1..8094. The attackers made fake approval requests that looked legitimate, convincing the user to allow access to their tokens.
According to a September 2025 report by Scam Sniffer, $11.78 million worth were stolen through phishing scams, and a total of 15,513 people fell victim to these scams. Most of these attacks used fake “permit” approvals, and one user reportedly lost $6.5 million after signing several fraudulent requests.
These incidents show the ongoing risks in the crypto space and recall past major frauds, such as the $6 billion Bitcoin Ponzi scheme led by Qian Zhimin. While authorities were able to recover 61,000 Bitcoin, worth around $7.4 billion, identifying who the rightful owners are has made the recovery process challenging.
To fight this growing threat, the Security Alliance (SEAL) has launched a Verifiable Phishing Reporter tool. This tool is expected to scan scam websites, confirm real threats and analyse fake sites more effectively. It also uses verification systems to ensure that reports are genuine and that scammers cannot change or hide evidence once exposed.
However, Scam Sniffer urged users to “double-check all signature requests and never rush into signing transactions.” The company also advised the use of trusted security tools that can detect suspicious links or decentralised applications before connecting wallets.
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