A stablecoin investor lost $2.6 million in just three hours — and it wasn’t due to a bad trade. The victim fell for the same phishing trick twice, a tactic that uses some of the most deceptive methods in blockchain.

According to cybersecurity firm Cyvers, on May 26, attackers first drained $843,000 in USDT from the investor, then followed up with another $1.75 million just three hours later. The attackers employed a method known as a zero-value transfer — a sophisticated form of on-chain phishing that can fool even seasoned crypto users.

The transfer amount is zero, so no private key signature is required for it to appear on-chain. As a result, the transaction shows up in the victim's history, giving the illusion that the recipient address is trusted or familiar. Later, the victim may unknowingly send real funds to the scammer, thinking the address is safe.

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Same Hook, Twice Caught: Stablecoin Holder Loses $2.6M to Sophisticated On-Chain Phishing