User Loses $440K in USDC After Signing Malicious Permit in Phishing Attack
The post User Loses $440K in USDC After Signing Malicious Permit in Phishing Attack appeared on BitcoinEthereumNews.com. Permit scams in crypto involve tricking users into signing malicious approvals that grant attackers access to their tokens, leading to significant losses like the recent $440,000 USDC theft. These phishing attacks exploit Ethereum’s permit function for easier token transfers, but vigilance is key to prevention. A single malicious permit signature resulted in a $440,358 USDC loss for one user on December 8, 2025. Phishing losses surged 137% in November 2025, totaling $7.77 million across over 6,000 victims despite fewer incidents. Scammers target high-value wallets, with the largest single permit scam hitting $1.22 million, according to Scam Sniffer’s report. Discover how permit scams in crypto drained $440K from one victim—learn the risks, prevention tips, and rising trends in phishing attacks for safer wallet management today. What are permit scams in crypto? Permit scams in crypto are deceptive tactics where attackers trick users into approving unauthorized access to their digital assets through seemingly legitimate transaction signatures. These scams leverage Ethereum’s permit function, designed to streamline token approvals, but malicious actors exploit it to drain funds instantly. In a recent case reported by Scam Sniffer on December 8, 2025, one user lost $440,358 in USDC after signing a fake permit, underscoring the growing threat amid a 137% rise in phishing losses to $7.77 million in November 2025. How do permit-based phishing attacks work? Permit-based phishing attacks begin with scammers creating fake decentralized applications or websites that mimic trusted platforms. Users are prompted to connect their wallets and sign a “permit” transaction, which appears routine but actually delegates unlimited spending rights to the attacker. This exploits the ERC-20 standard’s permit feature, allowing off-chain approvals to reduce gas fees and simplify interactions. Once signed, the attacker can execute transfers without further user input. For instance, Scam Sniffer’s analysis revealed that in November 2025, such scams…
BitcoinEthereumNews2025/12/10 09:31 
