Ethereum Foundation Urges Full Address Display After $50M Phishing

2 mins mins

Key Points:

Ethereum Foundation advises against address truncation post $50M phishing incident.
Phisher exploited address similarity, moving funds rapidly.
Community reactions prompt calls for improved security measures.

In a concerning incident on December 21st, a phisher exploited truncated Ethereum addresses, stealing 50 million USDT and converting the proceeds into 16,624 ETH through Tornado Cash.

The attack highlights addressing vulnerabilities in wallets, prompting the Ethereum Community Foundation to urge full address displays to prevent similar security risks.

Ethereum Foundation Addresses $50 Million Phishing Losses

Ethereum Community Foundation’s advisory emerged in response to a $50 million USDT phishing attack, urging industry participants to avoid ellipsis in addresses to prevent risks. The attacker exploited a similar-looking address to mislead the transaction.

Victim’s on-chain data revealed the phisher sent 0.005 USDT as a decoy before draining the full amount. Quick asset conversion to DAI and purchase of 16,624 ETH enabled laundering through Tornado Cash.

F2Pool Co-founder Wang Chun commented on verification practices in light of the attack:

“Once transferred 500 BTC to verify if the private key was leaked.”

Community emphasized the need for full transparency to avoid repeating similar incidents.

Surge in Phishing Reflects Vulnerability, Calls for Security

Did you know? In November 2025, phishing attacks surged with $7.77 million drained from 6,344 victims, marking a 137% increase over October, highlighting the ongoing risk in cryptocurrency.

Based on latest data from CoinMarketCap, Tether’s {Symbol} market cap stands at $186.76 billion, with a trading volume of $51.1 billion, marking a 30.27% decline over 24 hours. The current price remains at $1.00.

tether-usdt-daily-chart-418 — Tether USDt(USDT), daily chart, screenshot on CoinMarketCap at 13:13 UTC on December 21, 2025. *Source: CoinMarketCap*

Insights from Coincu research team suggest that enhancing UI security features could reduce similar threats. Historical trends highlight pattern exploitation by attackers, pressing for innovative solutions against phishing tactics.

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