As a seasoned crypto investor with over a decade of experience navigating the digital asset landscape, I can’t help but shake my head at yet another instance of a colossal phishing attack. The tale of the whale losing $55.47 million in DAI is a stark reminder of the importance of due diligence and caution when handling cryptocurrencies.
Due to a careless mistake, a whale’s DAI wallet suffered significant losses when it unwittingly executed a deceptive transaction as a result of a phishing scam.
Based on on-chain evidence, a staggering loss of approximately $55.47 million in DAI was incurred. As reported by Lookonchain via a post, this whale’s assets were kept within Maker, a decentralized finance system constructed on the Ethereum network.
A whale lost 55.47M $DAI in a phishing attack!
How did it happen?👇
The whale carelessly signed an unknown transaction 13 hours ago, setting the owner of his 55.47M $DAI in Maker to the phishing address”0x0000db5c…41e70000″.
When he later tried to…
— Lookonchain (@lookonchain) August 21, 2024
After completing the deceptive transaction, the ownership of those funds was switched, providing the intruder with complete command over the DAI tokens within the wallet. When the whale attempted to withdraw the money, the transaction was unsuccessful because of the unexpected change in ownership. The thief then quickly transferred the stolen DAI tokens to a newly established account.
By means of this address, the perpetrator has been exchanging the tokens into Ethereum (ETH) and redirecting them to various other wallets since then. As of now, the hacker has swapped around 27.5 million DAI for roughly 10,625 ETH. The majority of these funds have been transferred to CoW, a trading platform.
As a researcher delving into the dynamic world of cryptocurrency, I’ve noticed an alarming surge in the occurrence of phishing attacks. Just recently, in June, a delegate of MakerDAO found themselves out of pocket to the tune of $11 million, with various tokens such as USDe among the losses due to a similar scam. The month before saw an NFT trader suffer a loss exceeding $145,000 in Bored Ape Yacht Club collectibles, while another investor watched as over $101,000 worth of multiple cryptocurrencies simply vanished, all due to phishing attacks. These incidents underscore the importance of vigilance and security measures in this fast-paced digital landscape.
As a diligent analyst, I’ve been closely tracking the crypto landscape, and my findings reveal a concerning trend. According to Chainalysis, since May 2021, approximately $2.7 billion worth of assets have been stolen through approval attacks. Moreover, it was disclosed that unfortunate victims fell prey to phishing attacks in February this year, losing a substantial sum of around $46 million. These findings underscore the importance of vigilance and robust security measures within our digital asset ecosystem.
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2024-08-21 12:36