Whale Loses $50 Million USDT to Address-Poisoning Scam, Funds Converted to 16,624 ETH

A whale or institution lost $50 million USDT after sending funds to a fraudulent lookalike address on Dec. 20, BlockBeats reports. The victim had sent a 50 USDT test transaction to the intended address, but the full amount was then transferred to a similar address. The stolen funds were swapped into DAI, used to purchase 16,624 ETH, and moved through Tornado Cash.