$32M Stolen in Phishing Attack Targeting High-Profile Crypto Wallet

user avatar

by Giorgi Kostiuk

2 years ago


A high-profile crypto wallet ending in 'e57' recently became the victim of an advanced phishing attack, leading to the theft of 12,083 Spark Wrapped Ethereum (spWETH) tokens, valued at an eye-watering $32 million.

Attack Details

According to cybersecurity firm CertiK, the stolen funds were swiftly dispersed, with 10,000 spWETH, worth $26 million, initially transferred to a wallet beginning with '0x471c.' From there, the attackers further moved the funds into four additional wallets in smaller amounts, making it more difficult for investigators to track and recover. The initial transfer was followed by a series of smaller transactions. Approximately 1,750 ETH was sent to a wallet starting with '0x105c,' while 2,613 ETH was moved to an address starting with '0x278d.' Additionally, another 3,730 ETH was directed to a wallet beginning with '0x408d,' and the final 1,865 ETH found its way to a wallet starting with '0xfaf2.' The incident may have ties to Shixing Mao, the founder of F2Pool, as suggested by data from Arkham Intelligence. However, this information remains unverified at the time of writing, with security experts still working to confirm the identity of the wallet’s owner.

Phishing Attacks Surge

Phishing scams have become a growing threat within the cryptocurrency world, and this latest attack is a glaring example of the evolving sophistication of these attacks. In January, approximately 66,000 Trezor hardware wallet users fell victim to a phishing attack, sparking concerns about the security of these devices. Similarly, in April, phishing scam ads targeted users of Ethereum’s blockchain explorer, Etherscan, causing victims to lose funds through a malicious method known as wallet draining. August 2024 alone saw a staggering 215% rise in phishing-related incidents, according to Scam Sniffer, a blockchain security firm. During this period, total losses reached over $66 million, with one wallet losing an unprecedented $55 million in a single attack.

New Tools of Deception

Phishing attacks are becoming more advanced, with the launch of AngelX in September 2024—an upgraded phishing tool that has wreaked havoc on unsuspecting crypto holders. In just four days, AngelX deployed over 300 malicious decentralized applications (DApps), specifically targeting blockchain users on networks like Tron TRX and The Open Network (TON). These scams are also taking advantage of seemingly trusted platforms. Earlier this month, Scam Sniffer uncovered that search engine DuckDuckGo was displaying fraudulent Etherscan sites, leading users to connect their MetaMask wallets. Once connected, hackers easily drained the funds.

The incident involving the theft of $32 million from a high-profile wallet underscores the growing threat of phishing attacks in the cryptocurrency world. With the development of new tools of deception and an increasing number of victims, security experts continue to work on improving user protection.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Hut 8 Wins Bid for Poolin's Texas Datacenter Sites

Hut 8 has successfully bid $140 million for two datacenter sites owned by the bankrupt mining company Poolin.

user avatarLucas Weissmann

Senate Banking Committee Democrats Request Hearing on Prediction Markets

Democratic members of the Senate Banking Committee request a public hearing to examine the growing issue of prediction markets and their regulatory implications.

user avatarFilippo Romano

Crypto Economic Activity Remains Strong Despite Market Downturn

Crypto economic activity has shown resilience despite a significant drop in market capitalization, indicating a shift in market dynamics.

user avatarEmily Carter

Visa's Research Highlights Trust as a Barrier to Stablecoin Adoption

Visa's research highlights that trust and fraud protection are essential for stablecoin adoption, with 36% of US respondents considering their use, especially with bank-level protections.

user avatarTomas Novak

Cardano's Onchain Governance Approves New Treasury Allocations

Cardano's governance system has approved a new round of treasury allocations aimed at infrastructure and ecosystem development.

user avatarKaterina Papadopoulou

Galaxy Invests $100 Million in Onchain Credit Infrastructure

Galaxy has invested $100 million in Sky Protocol's yield-bearing sUSDS, integrating it into its corporate treasury and allowing it as collateral for institutional trading.

user avatarMaya Lundqvist

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.