Wallet holder loses $1.65M after signing an unlimited token approval on a fake exchange
A crypto wallet holder using a fake exchange site
In early July 2026 a crypto wallet holder connected to a fake exchange site and signed a malicious contract approval that gave the attacker unlimited spending rights. An automated sweeper then emptied the wallet of about $1.65 million. Anyone who signs approvals on unfamiliar trading sites is at risk; check and revoke token approvals you do not recognise.
Why this severity: $1.6M reported stolen, 1 victims, still active.
- Started
- Jul 3, 2026
- Closed
- Jul 9, 2026
- Chains
- Multiple EVM chains
- Reported stolen
- $1.6M
- Victims
- 1
At risk
- A crypto wallet holder using a fake exchange site
- Multiple EVM chains wallets
What to do now
- Revoke any unknown approvals at once. If funds are still in the wallet, move them to a fresh wallet. Report the attacker address to your wallet provider and to exchanges.
Stay safe
Am I affected?
Only if you connected a wallet to an unfamiliar exchange or trading site and signed a contract approval there. Check your wallet's token approvals with a revoke tool (for example revoke.cash or your wallet's built-in approvals list) for unlimited approvals to contracts you do not recognise.
What to do now
Revoke any unknown approvals at once. If funds are still in the wallet, move them to a fresh wallet. Report the attacker address to your wallet provider and to exchanges.
How to avoid this
Only trade on exchanges you reached by typing the address yourself or from a trusted bookmark. Read every approval prompt: an 'approve' or 'set approval for all' request for an unlimited amount lets the spender take those tokens at any time. Keep large holdings in a separate wallet that never signs approvals on new sites.
Timeline 2
ForkLog reported the case alongside a separate 999,999 USDT approval-phishing theft, noting the approval gave attackers unlimited access and a sweeper drained the funds.
SourceAn X post by an on-chain commentator reported that a wallet holder lost $1.65M after connecting to a fake exchange and signing a malicious contract.
Source
News & write-ups ›2
How this method works
A transaction that looks like a mint, claim or swap actually gives the attacker unlimited permission to spend your tokens or move all your NFTs. Read about malicious token and nft approvals →
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