Utensil wasted loot (4)

I believe the answer is:

tool

'utensil' is the definition.
(thesaurus)

'wasted loot' is the wordplay.
'wasted' indicates an anagram.
'loot' is an anagram of '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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