F2Pool Co-Founder Wang Chun Reveals 50 Million USDT Lost to Phishing Attack, 490 BTC Stolen and 10 BTC Left

COINOTAG News reported on December 21 that a phishing incident led to a loss of 50 million USDT, signaling ongoing risk in the crypto space. F2Pool co-founder Wang Chun called the event regrettable and highlighted security gaps in crypto infrastructure. The case underscores the need for stronger security protocols, key management, and proactive monitoring across exchanges and pools.

Chun later recalled a past suspicion of a private-key exposure and described testing the address by sending 500 BTC to verify it. The attacker apparently moved 490 BTC, leaving 10 BTC, illustrating that partial exfiltration can occur in phishing schemes.

The episode serves as a reminder for market participants to prioritize cold storage, multi-signature configurations, and rigorous phishing awareness. As the sector matures, transparent incident reporting and robust risk controls remain critical to preserving investor confidence and market integrity.