Utensil wasted loot (4)

I believe the answer is:

tool

'utensil' is the definition.
(I've seen this before)

'wasted loot' is the wordplay.
'wasted' indicates an anagram.
'loot' anagrammed gives 'TOOL'.

(Other definitions for tool that I've seen before include "Hand implement" , "Person exploited" , "Maybe saw" , "Instrument, implement" , "Practical implement" .)

I've seen this clue in The Mirror.

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