Crypto Today: $50M USDT Scam, Clarity Act Outlook, Lummis Exit
Today in crypto: a user lost nearly $50 million in USDt in an address-poisoning scam; veteran trader Peter Brandt said the potential US Clarity Act is unlikely to materially affect Bitcoin’s price; and pro-crypto US Sen. Cynthia Lummis said she will depart Congress in 2027.
Copy-paste error results in $50M USDt loss
A single transaction mistake led to one of this year’s largest on-chain losses after a user inadvertently sent nearly $50 million in USDt to a fraudulent address in an address-poisoning scheme.
Onchain investigator Web3 Antivirus reported the victim lost 49,999,950 USDt (USDT) after copying a malicious wallet address from their transaction history.
Address-poisoning scams plant look-alike wallet addresses into a target’s transaction list via small transfers. When the victim later copies an address from that history, they may select the impostor address instead of the intended recipient.
Onchain data shows the user first sent a small test transaction to the correct address. Minutes later, the full $50 million transfer was executed to the poisoned address.
US Clarity Act seen as unlikely to be a major catalyst for Bitcoin price: Brandt
Veteran trader Peter Brandt said the potential passage of the US Clarity Act is unlikely to significantly move Bitcoin’s price, following signals it could clear Congress as early as January.
Brandt said Friday that while the measure is necessary, it should not redefine value, adding that bringing an asset under regulation — particularly one some long-time investors preferred to remain unregulated — is not an earth-shattering event.
His remarks followed comments from White House crypto and AI adviser David Sacks on Thursday that the effort is closer than ever to passing landmark crypto market structure legislation, with an aim to complete the process in January.
US Senator Cynthia Lummis will not seek reelection in 2026
Wyoming Senator Cynthia Lummis, a prominent advocate for digital assets in the current Congress, said she will leave office in 2027.
In a Friday post on X, Lummis announced she would not run for another term in 2026. She was elected to a six-year term and took office in January 2021, establishing herself as a blockchain- and Bitcoin-focused lawmaker who later aligned with US President Donald Trump’s crypto agenda.
Lummis said the decision marks a change of heart. After demanding session weeks this fall, she concluded she does not have another six years to give, describing herself as a devoted legislator but noting the energy required no longer aligns.
The senator has been a key Republican urging action on the digital asset market structure bill. The legislation passed the House of Representatives in July and has been discussed in the Senate Banking Committee, where Lummis serves, as well as the Senate Agriculture Committee. The bill was not scheduled for a floor vote before the chamber adjourned for the holidays.
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