A large cryptocurrency holder lost a significant amount of DAI tokens in a phishing attack, with losses amounting to $55.47M.
Key Events
On-chain data confirms that the losses amounted to a whopping $55.47 million in DAI. According to Lookonchain, the funds were stored in Maker, a decentralized finance protocol built on Ethereum.
How It Happened
After signing the fraudulent transaction, the ownership of these funds was altered, allowing the attacker to take full control of the DAI tokens in the wallet. When the whale tried to withdraw the funds, the transaction failed due to the unintended change in ownership. The hacker then swiftly moved the stolen DAI tokens to a newly created address.
Growing Threat of Phishing Attacks
Phishing attacks have become increasingly common in the crypto scene. In June, a MakerDAO delegate lost $11 million in various tokens to a similar scam. In May, an NFT trader lost over $145,000 in Bored Ape Yacht Club collectibles, while another investor saw $101,000 in multiple cryptocurrencies vanish due to phishing. Recent Chainalysis research confirms that since May 2021, phishing attacks have resulted in $2.7 billion in stolen assets.
Phishing attacks continue to pose significant threats to cryptocurrency users, causing substantial losses. It is crucial for users to exercise caution when signing transactions and stay informed about security updates.
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