What is a Zero Transfer Phishing Scam?
Adekunle Joshua
A dangerous crypto fraud tactic that's been on the rise recently
Scammers create a mimic address that looks like a legitimate deposit address. Then, they execute a transaction for zero coins from the victim's wallet to this mimic address
When the victim reviews their transaction history, they might mistake the phishing address for the actual deposit address. This is where the trap is set
In fact, the first known instance was reported in December 2022, causing losses exceeding $40 million
Users often check only the first or last few digits of a wallet address instead of verifying the entire address
This oversight leaves them vulnerable to falling for the scam.