{
 "tag": "fake-exchange",
 "name": "Fake Exchange",
 "group": "Other",
 "incidents": [
  {
   "slug": "fake-exchange-unlimited-approval-1-65m-jul-2026",
   "title": "Wallet holder loses $1.65M after signing an unlimited token approval on a fake exchange",
   "url": "https://drains.watch/i/fake-exchange-unlimited-approval-1-65m-jul-2026",
   "json": "https://drains.watch/i/fake-exchange-unlimited-approval-1-65m-jul-2026.json",
   "status": "closed",
   "severity": "critical",
   "threatStatus": "active",
   "verification": "verified",
   "chains": [
    "multi-evm"
   ],
   "method": "approval-phishing",
   "product": "A crypto wallet holder using a fake exchange site",
   "tags": [
    "multi-evm",
    "approval-phishing",
    "unlimited-approval",
    "fake-exchange",
    "sweeper",
    "phishing"
   ],
   "amountUsd": 1650000,
   "victims": 1,
   "startedAt": "2026-07-03",
   "closedAt": "2026-07-09",
   "updatedAt": "2026-07-09T12:00:00Z",
   "summary": "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."
  }
 ],
 "changes": [
  {
   "incident": "fake-exchange-unlimited-approval-1-65m-jul-2026",
   "incidentTitle": "Wallet holder loses $1.65M after signing an unlimited token approval on a fake exchange",
   "severity": "critical",
   "status": "closed",
   "threatStatus": "active",
   "date": "2026-07-09",
   "title": "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.",
   "sourceUrl": "https://forklog.com/en/ethereum-user-loses-nearly-1-million-usdt-in-phishing-scam/",
   "url": "https://drains.watch/i/fake-exchange-unlimited-approval-1-65m-jul-2026"
  },
  {
   "incident": "fake-exchange-unlimited-approval-1-65m-jul-2026",
   "incidentTitle": "Wallet holder loses $1.65M after signing an unlimited token approval on a fake exchange",
   "severity": "critical",
   "status": "closed",
   "threatStatus": "active",
   "date": "2026-07-03",
   "title": "An 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.",
   "sourceUrl": "https://x.com/RyanColeXBT/status/2073172860034789620",
   "url": "https://drains.watch/i/fake-exchange-unlimited-approval-1-65m-jul-2026"
  }
 ]
}