The Ongoing Risks in the Crypto Space
As a crypto reader, it’s essential to be aware of the risks that still exist in the crypto space. Scams, hacks, rug pulls, and phishing scams are some of the dangers you need to watch out for. Recently, a crypto whale fell victim to a massive phishing scam, resulting in a loss of over $24 million worth of assets.
Understanding the Scam
According to a report from the “Web 3 Anti-Scam” platform, Scam Sniffer, the scammer gained access to the victim’s tokens by tricking them into authorizing “increaseAllowance” transactions. Through this authorization, the scammer was able to transfer out a significant amount of stETH and rETH, totaling $24.23 million.
Interestingly, Scam Sniffer identified multiple phishing sites linked to the scammer’s address, such as coindroplet.net and trustpad.ca.
The Aftermath of the Heist
Blockchain security firm Peckshield confirmed that the scammer quickly swapped the stolen assets for ETH and DAI. Additionally, a portion of the stolen DAI was transferred to FixedFloat, a popular crypto platform for seamless token swaps.
It’s important to note that scammers often send official-looking emails, luring victims to input their private keys on fraudulent websites. By obtaining this information, scammers can take ownership of all assets associated with the victim’s address.
Another Major Hack in the Crypto Industry
In a separate incident, the well-known crypto casino Stake suffered a hack, resulting in a loss of over $40 million. The stolen assets included ETH, MATIC, and BNB. As reported by Peckshield, the hacker has already exchanged a portion of the stolen MATIC for BTC.
Hacks like these pose a significant challenge in the digital asset industry. According to a recent Certik security report, crypto hacks and scams accounted for a staggering $313 million in losses during Q2 2023.
Hot Take:
The crypto space continues to be plagued by scams and hacks, highlighting the need for increased security measures and vigilance from users. Staying informed and cautious is crucial to protect your assets in the ever-evolving world of cryptocurrencies.
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