Phishing scam drains $1 million in Crypto and NFTs

A major phishing attack has caused nearly $1 million in losses from a single crypto wallet, raising fresh concerns about security in the Web3 world. Blockchain security firm PeckShieldAlert confirmed that an Ethereum wallet, identified as 0x1526…F32f, was hacked and drained in one of the largest recent thefts.

The attacker stole 623,600 SPX tokens worth around $804,000 (about PKR 22 crore), along with 71,600 CULT tokens valued at $89, plus a few meme-style collectibles such as harrypotterobamasonic10in tokens worth just over $30. While these smaller assets barely added to the total, the huge loss of SPX tokens showed how dangerous phishing scams have become.

Experts say the hacker likely tricked the victim into approving a fake smart contract, which gave them access to the wallet.

This method is common in phishing, where scammers create convincing copies of trusted platforms and wait for users to make a single wrong click. Once approved, hackers can empty wallets instantly.

The incident highlights the vulnerability of self-custody wallets, as unlike centralized exchanges, there is no way to freeze or recover stolen funds. Even small or unusual tokens are now being targeted, proving no wallet is completely safe.

To avoid such losses, experts advise users to always double-check approvals, keep assets in hardware wallets, regularly revoke unused permissions through tools like Etherscan or RevokeCash, and stay alert to new phishing tactics.

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