- $908K lost due to a phishing approval signed 458 days ago
- Attack highlights dangers of old token approvals
- ScamSniffer traced the exploit to a past wallet signature
Long-Delayed Ethereum Scam Costs User Nearly $1M
In a startling reminder of how lingering wallet permissions can be exploited, an Ethereum user recently lost $908,000 due to a phishing scam—with the malicious approval signed a staggering 458 days ago.
The incident, reported by on-chain security watchdog ScamSniffer, involved an approval that remained dormant for over a year before being used by the attacker. The victim likely interacted with a fake or malicious dApp that tricked them into signing an approval transaction, unknowingly granting future access to their tokens.
How Phishing Approvals Work
In the Ethereum ecosystem, many decentralized applications require users to “approve” tokens before transactions. These approvals are often open-ended, meaning they don’t expire unless revoked manually. That’s exactly what the attacker exploited here.
By waiting patiently for over a year, the scammer avoided suspicion and struck when the user’s wallet held significant funds. It’s a common tactic—malicious actors rely on outdated or forgotten approvals to drain wallets long after the user has forgotten the interaction.
This case serves as a harsh reminder that once a malicious approval is signed, it can be executed at any time in the future unless the user actively revokes it.
Lessons for Ethereum Users
To avoid falling victim to similar attacks, users should:
- Regularly review and revoke token approvals using tools like Revoke.cash or Etherscan Token Approvals
- Be cautious when interacting with new or unknown dApps
- Use hardware wallets to confirm all approval requests
With the increasing sophistication of phishing scams, staying proactive about wallet security is more important than ever.
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