Scammers Steal $1.45 Million from Florence Finance in Phishing Attack
Crypto project Florence Finance has reportedly lost $1.45 million in USDC to a phishing attack. Address poisoning, a common phishing technique, was used in the attack.
How Florence Finance Lost 1.45 Million USDC to Phishing Attackers
Cyvers, a web3 security platform, revealed that Florence Finance lost over $1.45 million in USDC to phishing attackers. The funds were sent to the phisher’s wallet address.
The attack was carried out through address poisoning, which involves creating a wallet address that closely resembles a legitimate one. Users may accidentally select the fraudulent address when transacting cryptocurrencies.
Scammers Bridged Funds to THORChain
The stolen funds were transferred to multiple wallets, including 0x18d8 and 0x88E2, which then bridged the funds to THORChain after converting them to Ethereum (ETH).
Florence Finance has not yet made a public statement about the incident on Twitter.
Deddy Lavid Calls for Heightened Security Measures
Deddy Lavid, the CEO of Cyvers, emphasized the need for enhanced security measures in the digital finance sector following this well-orchestrated phishing scheme.
Cyvers is working with Florence Finance to improve their security protocols and prevent future phishing incidents.
Hot Take: Heightened Security Measures Urgently Needed in Web3 Industry
As attacks draining millions from crypto projects become more frequent, it is crucial for companies to implement stronger security measures. Recent examples include KyberSwap losing over $45 million and hackers stealing over $100 million from Justin Sun’s HECO chain and HTX exchange.
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