- Phishing attacks cost a crypto whale $55M, with 55.47M DAI stolen and converted to 10,625 ETH. Verify transactions!
- Phishing scams led to nearly $498M in crypto losses in 2024. Use 2FA and security keys to protect your assets.
- Australian regulators shut down 5,530 fake investment sites to combat rising phishing attacks targeting crypto wallets.
A phishing assault on August 20 caused a crypto whale to lose $55 million. A Maker protocol transaction was hacked in the event, which led to the theft of 55.47 million DAI stablecoins. The victim, who had unknowingly signed an unverified transaction, saw their stablecoins transferred to a phishing address. Consequently, the malicious actors gained control over the substantial sum.
Initially, the crypto holder realized the mistake and attempted to transfer the funds to a new address. However, because of the previous unlawful ownership shift, this attempt was unsuccessful.
The hack was promptly detected by blockchain analytics company Lookonchain, which also showed that the perpetrators had already moved and removed the assets to a new address. Notably, the robbers complicated the recovery process even more by converting 27.5 million stablecoins into 10,625 Ether.
Growing Threat of Phishing Scams
This case underscores the persistent threat of phishing attacks in the cryptocurrency. Phishing scams deceive users into installing fake software or signing malicious transactions. Attackers aim to trick victims into surrendering private keys or personal information, giving them access to valuable crypto assets. Moreover, these scams exploit various techniques, including Permit and Increase Approval, to manipulate users into approving unauthorized transactions.
In the first half of 2024, phishing assaults cost businesses close to $498 million in losses, according to blockchain security company CertiK. This concerning statistic emphasizes how urgently improved security measures are needed.
Co-founder of CertiK Ronghu Gu underlined the significance of employing multifactor authentication techniques, such as security keys and two-factor authentication (2FA), to avert such instances.
Global Efforts to Combat Phishing
In response to rising phishing scams, the Australian Federal Police are investigating losses affecting 2,000 Australian-owned digital asset wallets. This follows a Chainalysis operation that exposed new phishing tactics targeting Australian crypto users.
Australian Securities and Investments Commission, or ASIC, has also moved. ASIC has eliminated 1,065 phishing links and closed down over 5,530 fraudulent investment platforms since July 2023.
The post Crypto Whale Loses $55M in Phishing Scam: 55.47M DAI Stolen and Converted to Ether appeared first on Crypto News Land.