A remarkable development has taken place in the crypto market regarding a scam from 2023. As per Scam Sniffer, an anti-scam platform in the crypto sector, the scammer who had taken away a significant amount of crypto tokens from a victim has returned $9.27M (38.26% of the total amount) in stablecoins. The platform took to its official X account to provide the details of this development.

Scammer Returns $9.27M Worth of DAI to the Victim

Scam Sniffer noted in its exclusive X post that the crypto theft took place back in September last year. At that time, the victim lost a substantial $24.23M worth of crypto assets. The respective assets include rETH and stETH coins. The scammer reportedly carried out a crypto phishing attack. According to Scam Sniffer, the scammer made the plan sophisticatedly to deceive the victim.

The respective event points out the increasing sophistication in the case of phishing scams in the crypto sector. In this respect, the crypto community is experiencing a dangerous trend, increasing the risk of crypto loss. At the time when the scam occurred, the victim made a huge mistake. Scam Sniffer pointed out that the victim unintentionally gave approvals to the party conducting the scam.

The Scammer Tricks the Victim into Approving ‘IncreaseAllowance’ Transactions to Control the Assets

While doing this, the victim signed “increaseAllowance” transfers. As per the reports, the scammers mostly utilize this technique to take control of the assets of the victim. In addition to this, Scam Sniffer also asserted that the scammer’s address is linked with several crypto phishing websites. Some of the funds that the scammer stole moved to @FixedFloat which is a service that conducts rapid crypto exchanges.