DeFi Whale Loses $55.47 Million in DAI Stablecoins to a Phishing Scam

The whale's funds were stored in Maker, an Ethereum-based decentralized finance protocol. The attack occurred after the whale unknowingly signed

A DeFi whale has lost a staggering $55.47 million in DAI stablecoins after falling victim to a phishing scam, an on-chain analysis by Lookonchain has revealed.

The whale's funds were stashed in Maker, an Ethereum-based decentralized finance protocol. The attack unfolded as the whale unknowingly signed a fraudulent transaction that transferred ownership of their assets to a phishing address.

Transaction Sets Off a Chain of Events

According to Lookonchain's analysis, the incident occurred as the whale, who held a large amount of DAI on Maker, signed an unknown transaction. This action inadvertently set the owner of the whale's funds to the scammer's address, which is "0x0000db5c...41e70000."

With the ownership now changed, the attacker gained complete control over the whale's 55.47 million DAI, leaving the original holder unable to access or withdraw their funds.

As the whale attempted to withdraw the funds, the transaction failed because of the shifted ownership. Meanwhile, the attacker swiftly moved the stolen DAI tokens to a new wallet and began converting them into Ethereum.

So far, the scammer has swapped 27.5 million DAI for about 10,625 ETH, channeling the bulk of the stolen assets through a decentralized trading protocol.

Previous Incidents Highlight Growing Risks

This attack on the DeFi whale is not an isolated incident. In June, a MakerDAO delegate fell victim to a similar phishing attack, losing $11 million in various tokens, including USDe. This breach was detected by Scam Sniffer, a platform dedicated to helping users avoid phishing sites and wallet-draining schemes.

The delegate's wallet, "0xfb...accfa," was compromised by a scammer at address "0x73...bb96," who employed multiple phishing signatures to deceive the victim.

?? 5 hours ago, a victim lost $11 million worth of aEthMKR and Pendle USDe tokens due to signing multiple Permit phishing signatures. pic.twitter.com/9jhgQMdkl9

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) June 23, 2024

Rising Scam Alerts in the Crypto World

The prevalence of such scams has led to increasing security warnings within the crypto community. On June 8, Shibarmy Scam Alerts issued a warning about a surge in fraudulent websites posing as crypto wallet connection tools. These sites, ultimately designed to steal funds, deceive users by claiming to offer network syncing, reward refreshing, or liquidity pool fixes.

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