These types of scams draw in tens of millions of dollars each month, and one researcher has estimated around $350 million in Tether have been stolen in these types of scams since September 2021.
Wallet phished for $4.46 million in fake mining scam
Someone lost over $4.4 million of the Tether stablecoin after falling victim to a phishing scam that promised them fake mining rewards. A phisher lured in the victim, likely earning their trust and then promising high returns thanks to a "mining" operation. Typically, these projects fool their victims by showing them a growing balance on the platform's software, even as the phishers drain their wallets.