Cyvers in the News

Crypto Investors Lost $2.6 Million to Phishing Scam

According to the analysis by a blockchain compliance firm, Cyvers, on May 26, the victim unknowingly transferred $843,000 in Tether (USDT) to the scammers address. Approximately three hours later, a second transfer of $1.75 million in USDT was made to the same scammer.

Crypto investor loses $2.6M in stablecoins in double phishing scam

According to data shared on May 26 by crypto compliance firm Cyvers, the victim sent 843,000 worth of USDt USDT$1.00, followed by another 1.75 million USDt around three hours later. Cyvers said the scam used a method known as a zero-value transfer, a sophisticated form of onchain phishing.

“The attacker exploited vulnerabilities in Cetus Protocol’s smart contracts by deploying spoof tokens to manipulate price curves and reserve calculations,” said Deddy Lavid, CEO of blockchain security firm Cyvers. “This allowed them to extract real assets from multiple liquidity pools, including the SUI/USDC pool.”