User Permissions Turn Into Scammers' Gateway for $119K Cryptocurrency Theft

$119,000 worth of

(WBTC) was stolen from a user’s wallet after they became the target of a phishing scheme tied to a fraudulent airdrop, according to blockchain data and social media sources. The attacker used a deceptive “increaseApproval” transaction, which gave them unauthorized access to the wallet, resulting in the loss of 0.21 and 0.86 WBTC in one transaction. This case illustrates the increasing complexity of crypto scams, especially those spreading through social platforms like X (formerly Twitter), where fake airdrop links are widely shared by accounts pretending to be credible crypto figures $119K WBTC Drained in Wallet Scam Amid Fake Airdrop Surge [ 1 ].

In 2025, airdrop scams have become more frequent, using social engineering to trick users into connecting their wallets to scam sites. These fraudulent pages often closely resemble official project websites, with minor differences in URLs and urgent prompts such as “claim your free tokens” to pressure users into approving transactions. Once a wallet is connected, malicious contracts can empty it instantly, as was the case in a recent

airdrop scam, where impostor accounts with altered names and logos lured users into submitting wallet addresses for a supposed token distribution Airdrop Scams in Crypto and How to Avoid Them - CoinGecko [ 2 ].

Web3 Antivirus, a blockchain security company, stressed the dangers of approving transactions without proper checks. “One approval can put your entire wallet at risk,” the company cautioned on X, advising users to carefully review transaction details and confirm official sources before clicking on unfamiliar links $119K WBTC Drained in Wallet Scam Amid Fake Airdrop Surge [ 1 ]. The recent WBTC theft reflects a larger pattern: in the first half of 2025, phishing scams alone caused losses exceeding $340 million, with fake airdrops making up a significant portion of that amount

Fraudsters often take advantage of the trust users place in social media influencers and crypto communities. For instance, a counterfeit account posing as “OlimpioCrypto” advertised a fake airdrop using a URL spelled “eansrdrop.io,” closely imitating the real “earndrop.io” site. After connecting their wallets, victims were asked to

transactions that gave scammers unlimited access to tokens, allowing them to move funds immediately Airdrop Scams in Crypto and How to Avoid Them - CoinGecko [ 2 ]. Similar methods were used in a 2023 incident where a fake “OptiMoon” airdrop stole $2.3 million from 847 people by requesting seed phrases and creating a false sense of urgency How to Spot a Fake Airdrop Page (With Examples) – BlockForOne [ 4 ].

Security professionals advise taking multiple steps to reduce risk. These include using separate wallets with limited funds for airdrops, checking URLs character by character, and using tools like Revoke.cash to monitor and cancel suspicious approvals. Users should also avoid sharing private keys or seed phrases and always verify airdrop announcements through official project sites, verified Discord groups, and trusted crypto news sources

The WBTC theft highlights the urgent need for better user awareness in DeFi. While airdrops can offer real benefits, the rapid rise of scams—from fake tokens appearing in wallets to harmful smart contracts—demands greater caution. As phishing tactics become more advanced, users must adopt strong security habits to ensure that the opportunities of decentralized finance do not turn into avenues for fraud.