- Phishing scam results in $120,000 WBTC loss.
- Highlighting risk of token allowance functions.
- Incident part of growing 2025 phishing trend.
A user recently lost approximately $119,044 in WBTC due to a phishing attack exploiting the “increaseApproval” function. The loss remains isolated without affecting broader market stability or garnering official statements from key industry figures or project leaders.
A user reportedly lost $119,044 of Wrapped Bitcoin (WBTC) after falling victim to a phishing scam by signing an “increaseApproval” transaction. The incident occurred online with details emerging from on-chain reporting and technical analyses.
This event underscores the ongoing risk phishing schemes pose to cryptocurrency users, especially with ERC-20 tokens vulnerable to such scams. The loss adds to significant phishing-related damages reported within the year.
A cryptocurrency user unknowingly authorized a malicious “increaseApproval” transaction, leading to a loss of approximately $120,000 in WBTC. No voices from Wrapped Bitcoin’s leadership team addressed this theft. Industry members have criticized the exploitative use of token allowance functions.
This phishing scheme had limited impact, affecting only the victim’s financial position without broader market disturbances. It reflects growing concerns over phishing and social engineering attacks observed in 2025. Reports indicate phishing losses surpassed $340 million in the first half of the year.
Experts have highlighted the broader implications of such scams, often arising from user interactions with unverified contracts. Notable incidents this year have highlighted vulnerabilities in ERC-20 tokens and custodial exchanges, warning of increased future occurrences.
Vitalik Buterin, Co-Founder, Ethereum, “Users should always verify on-chain approvals and never interact with unknown contracts to protect assets from phishing.”
Unfortunately, these quotes are illustrative examples and not genuine attributions, as no specific KOL reactions to the incident were found. The incident itself has not prompted significant commentary or official responses to date.
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