50 Million USDT Phishing Attack Triggers Ethereum Community to End Ellipsis Address Truncation and Show Full Wallet Addresses

COINOTAG News reported on December 21 that the Ethereum Community Foundation urged an end to truncating wallet addresses on Platform X, saying full addresses reduce risk and improve crypto security amid escalating USDT phishing concerns.

According to the report, the phisher crafted an address sharing the first and last three digits, sending 0.005 USDT to the victim. The attacker then redirected 50 million USDT to a near-identical address, swapped to DAI to avoid freezing, and moved into ETH before washing via Tornado Cash.

The episode underscores the risk of UI truncation and urges wallets and explorers to enable full address visibility, preserving verification and reducing phishing risk while maintaining usability.

Going forward, readers should verify recipient addresses via trusted on-chain confirmations and avoid copied strings. Industry players must strengthen anti-phishing controls and emphasize transaction verification and address transparency.