Whale Loses Over $24M in Sophisticated Phishing Attack

Sep 7, 2023

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In the volatile and high-stakes world of cryptocurrencies, security breaches and scams are unfortunately not uncommon. However, when a high-profile crypto whale becomes the victim of one of the most significant phishing attacks in recent history, it sends shockwaves throughout the community.

The Heist: A Deep Dive into the $24M Loss

On September 6, the crypto world was rocked by news of a prominent crypto whale, identified by the address losing a staggering $24.23 million in liquid-staked Ethereum. This wasn’t just a minor slip-up; it was a meticulously planned phishing attack that saw the investor parting with 4,851 rETH valued at approximately $8.58 million and 9,579 stETH worth around $15.63 million.

insane! someone lost $24.23m worth of stETH and rETH to crypto phishing 8 hours ago!

— Scam Sniffer (@realScamSniffer)

The Modus Operandi: How Did It Happen?

Web3 security firm, Scam Sniffer, shed light on the mechanics of the scam. The whale, despite their extensive on-chain experience, inadvertently granted token approval to the fraudsters. This was done by authorizing “increaseAllowance” transactions, a seemingly innocuous move that had catastrophic consequences.

Following the Money: The Scammer’s Trail

Post-theft, the stolen funds were strategically moved. Initially, they were deposited into two distinct addresses. In a bid to possibly launder or exchange these assets, some were transferred to the Fixed Float exchange. As of now, the remainder of the stolen assets resides in three separate addresses. Intriguingly, one of these wallets has been linked to multiple crypto phishing websites, hinting at a larger network of nefarious activities.

The Victim: Not Just Another Fish in the Sea

The magnitude of the loss underscores the victim’s significance in the crypto ecosystem. This wasn’t a novice or casual trader. The victim has been a major liquidity provider, offering WBTC/USDT liquidity exceeding $1.6 million on the popular Uniswap V3 platform. Their on-chain interactions span various protocols, including Aave, 1inch, Curve, OMG, EOS, and more. While the victim’s identity remains shrouded in mystery, on-chain data reveals their earliest transaction dates back to June 2017, originating from the renowned Bitfinex exchange.

A Rising Tide of Phishing Scams

This incident doesn’t stand alone. It’s part of a worrying trend, with crypto phishing scams seeing an alarming surge, especially on platforms like Twitter. The crypto community must remain vigilant, constantly updating their knowledge and security practices to guard against such sophisticated attacks.

Conclusion: A Cautionary Tale for the Crypto Age

The $24M heist serves as a stark reminder of the vulnerabilities even seasoned investors face in the digital age. As the crypto world continues its march towards mainstream adoption, it’s imperative for individual investors and institutions alike to prioritize security, stay informed, and always exercise caution.

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Jem Benny
I am a senior stock trader. I think it is really important to share the knowledge and the experience with rookies. "Must know" and education content creator. I have been following the events of the crypto industry since 2011. I joined Walletinvestor as a content creator providing technical analysis and overviews on the current market situation.