Trader Loses $119K in WBTC Phishing Scheme

A trader has reportedly lost $119,000 in Wrapped Bitcoin (WBTC) following a phishing attack that exploited the “Increase Approval” function. The event highlights the ongoing threat of advanced phishing tactics in the crypto space.

Reports indicate that the trader fell victim to a scam involving unwittingly increased spending permissions on their WBTC, a popular ERC-20 token. The incident underscores the need for increased vigilance in the cryptocurrency community. As noted by experts, “Phishing scams have become increasingly sophisticated, exploiting the slightest oversights in digital finance handling.”

The attack has sparked concern among crypto enthusiasts, especially those dealing with ERC-20 tokens like WBTC. The ease with which phishing vectors can be exploited is alarming, as highlighted by earlier Address Poisoning attacks.

Unfortunately, despite the severity of the attack, there remains a lack of specific guidance or acknowledgment from major WBTC custodians or blockchain security firms as of the latest updates.

Phishing incidents, while impacting traders severely, generally do not cause widespread market shifts unless on a large scale. The current trend reflects ongoing threats in the crypto sector, potentially influencing investor security strategies.

Data indicates that phishing attacks contributed to over $340 million in losses in early 2025 alone. Experts highlight the importance of secure wallet practices and increased future vigilance to mitigate these rising threats in the cryptocurrency market.