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).
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.