$50M Phishing Disaster: Victim Offers $1M Carrot to White Hat Hacker Who Returns Stolen USDT

The Offer on the Table

In a dramatic turn of events, the victim of a 50 million USDT phishing heist has made an unconventional move: dangling a $1 million white hat bounty as an incentive for the attacker to return 98% of the stolen funds within 48 hours. On-chain researcher Specter shared the negotiation details across social media on December 20, revealing that law enforcement, cybersecurity firms, and blockchain protocols are now actively involved in the recovery effort.

The Pressure Campaign

The stakes have escalated significantly for the hacker. Beyond the financial incentive, the victim’s message carries a clear warning: a formal criminal lawsuit has already been filed, and surveillance is relentless. Every wallet address linked to the attacker is now under 24/7 monitoring by multiple agencies and organizations. The noose is tightening.

The Deal Sweetener

Here’s where the incentive structure gets interesting—and potentially tempting for a rational actor on the other side. If the hacker acts as a white hat hacker would (returning the majority of stolen assets), they can pocket $1 million as a “vulnerability disclosure reward.” It’s a calculated gambit: give the attacker a face-saving exit while recovering 98% of the funds. The victim has signaled willingness to close the case entirely if the hacker cooperates fully and promptly.

Why This Matters

This incident underscores how phishing remains one of the most devastating attack vectors in crypto, capable of moving tens of millions in a single transaction. The victim’s approach—combining legal pressure with financial incentive—represents a pragmatic strategy in the cat-and-mouse game between attackers and defenders. Whether this particular white hat hacker accepts the offer will reveal much about whether this was a sophisticated criminal operation or an opportunistic actor looking for an exit ramp.

The 48-hour clock is ticking.