There are still risks of scams, hacks, pulls, etc. in the cryptocurrency space. In another disturbing incident, crypto whales lost over $24 million worth of assets in a massive phishing scam.
In this case, the victim address is considered a major liquidity provider for the Uniswap decentralized exchange (DEX), providing over $1.6 million worth of liquidity to the exchange’s WBTC/USDT pool. This particular whale is also active on other DeFi protocols, including Aave, Curve, 1inch, and blockchains like EOS and OMG Network.
Crypto crooks strike again?
according to a report This latest crypto scam occurs when victims grant access to tokens to scammers via an “increaseAllowance” transaction authorization, according to “Web 3 Anti-Scam” platform Scam Sniffer.
In the process, the bad actors were able to transfer approximately 4,851 stETH and 9,579 rETH worth $24.23 million.
Interestingly, Scam Snifer pointed out that the scammer’s address is associated with 10 phishing sites, such as coindroplet.net, trustpad.ca, and others.
crazy! 8 hours ago someone lost $24.23M worth of stETH and rETH to crypto phishing! https://t.co/CKeSxGkbjU pic.twitter.com/Xq46p10NlP
— Scam Sniffer (@realScamSniffer) September 7, 2023
Blockchain security firm Peckshield provides more information on this latest heist confirmed The scammers have exchanged the stolen assets for approximately 13,785 ETH and 1.64 million DAI.
Additionally, the bad actors transferred around 451,000 DAI to FixFloat, a crypto platform known for allowing users to seamlessly swap one token for another at a fixed exchange rate.
In most cases, when it comes to these attacks, scammers send an official-looking email prompting potential victims to enter their wallet’s private key on a website. Using this information, they can take ownership of all assets at that address.
Stake’s hackers are in action
In other news, Peckshield provided an update on another recent cryptocurrency theft. On Sept. 4, popular cryptocurrency casino Stake was hacked, resulting in a loss of more than $40 million, including 9,620 ETH, 14.24 million MATIC, and 82,650 BNB.
peckschild to report On September 7, the Stake hacker has now exchanged 3.376 million MATIC for 72.29 BTC, worth $1.8 million. Additionally, approximately 800,000 MATIC tokens were sent to two newly created wallets.
As of this writing, bad actors hold 10.1 million MATIC ($5.7 million worth) and 72.29 BTC on the Polygon network. Like scams, hacking is a major problem in the digital asset industry. According to a recent security report by Certik, cryptocurrency hacks and scams caused over $313 million in losses in the second quarter of 2023.
Total crypto market cap valued at $1.02 trillion on the hourly chart | Source: TOTAL chart on the Tradingview.com
Featured image via Times, chart via Tradingview.