As an experienced analyst in the crypto ecosystem, I cannot help but be alarmed and disheartened by the latest phishing attack that resulted in a $11 million loss for a MakerDAO governance delegate. The speed and ruthlessness with which this attack was executed are truly disconcerting.
In the crypto world, the number of phishing attacks is on the rise, with the latest victim being a governance participant in the MakerDAO community. This unfortunate individual suffered a significant loss, totalling $11 million in aETHMKR and USDe tokens, which were cruelly drained from their digital wallet by an unrelenting cybercriminal.
In a clever ruse, they approved numerous transactions on a fake app, enabling the hacker to steal $11 million worth of tokens. Approximately 3,657 aETHMKR tokens were transferred during this scheme, with one transaction being confirmed in just eleven seconds.
The transaction history on the blockchain shows that an exchange took place between the victim’s wallet (0xfb94d3404c1d3d9d6f08f79e58041d5ea95accfa) and the scammer’s wallet (0x739772254924a57428272f429bd55f30eb36bb96) on June 23.
Five hours ago, a scam was identified by Scam Sniffer, and a warning was shared on X: A unfortunate individual fell prey to phishing attacks and lost approximately $11 million in value of aEthMKR and Pendle USDe tokens.
Through their investigations, Arkham Intelligence identified the wallet’s owner as a delegate in MakerDAO’s governance body. This individual holds significant influence within the organization, taking part in decisions and casting votes on proposed issues that ultimately require executive approval for implementation.
As a researcher studying the MakerDAO decentralized application (dApp), I can tell you that governance delegates play a crucial role in shaping its future. Through consensus-based decision-making processes, they instigate upgrades and modifications to the system, including adjustments to the interest rates for lending and borrowing use cases. These actions ensure the continued evolution of MakerDAO to meet the ever-changing needs of its users.
A permit phishing scam is a type of phishing attack that deceives individuals into revealing sensitive information. In broader terms, phishing schemes resulted in approximately $300 million in losses for the crypto community in the year 2023, affecting around 320,000 users.
Scammers deceitfully transfer users’ funds to unauthorized destinations by disguising transactions as legitimate ones.
While half of 2024 remains, the number of reported incidents of scams is concerning.
Image by Alan from Pixabay
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2024-06-25 15:22