A devastating phishing attack resulted in a crypto user losing $11.1 million worth of cryptocurrency just a few hours ago. The attack led to the theft of 3,657 MKR tokens, valued at $8.7 million, and 2.56 million PT Ethena tokens, worth $2.4 million. This significant loss was reported by Lookonchain, a blockchain analysis platform.
The attacker liquidated the stolen 3,657 MKR tokens for 2,502 ETH, equivalent to $8.7 million. This large sale led to a 7% decrease in the price of MKR, as such a massive transaction affects the market. Additionally, the scammer exchanged the 2.56 million PT Ethena tokens for 689 ETH, with a current value of $2.41 million.
Phishing attacks in the cryptocurrency world often target users to make them sign fake transactions or reveal their private key. Specifically, this attacker employed a method called “Permit” phishing, which involves making false transaction requests that seem authentic. By signing these requests, the user is unaware that they are authorizing the scammer to control their crypto funds.
This event highlights the importance of security in the cryptocurrency field. Users should always verify the authenticity of transaction notifications and be cautious of unfamiliar messages or signature requests. Implementing reliable security solutions, such as hardware wallets, can enhance security by requiring additional physical actions to perform a transaction. It is also crucial to educate oneself about various phishing attacks and scams to identify potential threats.
Transactions involving cryptocurrencies are non-reversible, and once tokens are transferred to a scammer’s address, there is often little that can be done to recover them. This case emphasizes the need for increased vigilance and security measures when dealing with documents and potential hackers.
The $11.1 million phishing attack underscores the lethal nature of the cryptocurrency market. Despite the threats, users should exercise caution and implement strict security measures for their digital assets.
