Phishers take advantage of fears surrounding the USDC de-peg

When USDC deviated from its dollar peg on March 10, phishers were quick to devise a scheme to take advantage of holders' fears. A group launched a website appearing to be the blog belonging to Circle, the company that backs USDC. On the fake blog, they announced a supposed defi exchange where users would be able to exchange their USDC for stablecoins like Tether.

Holders trying to use the exchange approved transactions which they didn't realize allowed the phishers to drain their ETH. So far, the scammers have stolen around 74 ETH ($130,500).