Crypto VC Fund Faces $36 Million Loss in Phishing Attack
- Crypto VC fund loss $36 million du to phishing ttck xploiting signtur vulnrbilitis in trnsctions.
- Stoln tokns triggrd 95% pric drop in wrppd Ethrum, impcting liquidity cross dcntrlizd finnc protocols.
- Phishing scms in crypto surg, with Q3 2024 losss xcding $753 million.
A rcnt phishing ttck hs lft prominnt crypto vntur cpitl (VC) fund rling, with losss xcding $36 million in wrppd Ethrum tokns (fwDETH). Th incidnt, rportd on Octobr 11th by blockchin monitoring pltform Lookonchin, highlights th volving thrt lndscp in th cryptocurrncy spc, whr vn sophistictd invstors r not immun to mticulously crftd scms.
Permit Signature Causes Fund Drain
Th ttck xploitd commonly usd signtur mchnism known s prmit, dsignd to strmlin trnsctions by llowing usrs to pr-pprov ctions without dirctly intrcting with thir ssts. Howvr, ths prmits cn bcom vulnrbilitis whn unsuspcting victims indvrtntly grnt ccss for unuthorizd ctivitis.
Blockchin dt suggsts tht th trgtd wllt, blivd to b ssocitd with prominnt crypto VC fund Continu Cpitl, unknowingly signd prmit uthorizing th trnsfr of 15,079 fwDETH tokns on th Blst chin.
With th stoln tokns quickly trnsfrrd to hckr-controlld ddrss, rpid sll-off nsud, cusing fwDETH prics to plummt by stggring 95% bfor prtilly rcovring. This drmtic pric swing snt shockwvs through dcntrlizd finnc (DFi) protocols rlint on fwDETH liquidity, including PAC Finnc nd Orbit Finnc.
Whil th full impct on ths pltforms rmins undr invstigtion, nlysts bliv th significnt sll-off xcrbtd xisting liquidity issus, driving down tokn prics nd potntilly impcting othr fwDETH holdrs.
Rising Phishing Scams in Crypto
This $36 million incidnt rprsnts on of th lrgst rcnt ttcks involving permit, phishing signturs. It joins growing list of sophistictd phishing scms trgting th crypto mrkt. Notbly, similr ttck in Sptmbr sw nothr victim los $32.4 million worth of spWETH tokns, whil n August phishing ttck rsultd in th thft of pproximtly $55.4 million worth of Di stblcoins. Ths incidnts highlight worrying trnd: crypto scms r on th ris.
According to cybrscurity firm CrtiK, Q3 of 2024 sw ovr $753 million lost to vrious forms of crypto frud, with $127 million spcificlly ttributd to phishing scms. Ths ttcks oftn involv tricking usrs into signing frudulnt contrcts or linking thir wllts to mlicious wbsits, llowing hckrs to drin funds with miniml usr wrnss.
Th crypto industry hs lso bn idntifid s th scond most trgtd sctor for idntity thft in Q2 2024, ccounting for nrly 29% of globl ttmpts. Ths sttistics pint grim pictur, with both rtil invstors nd institutionl plyrs incrsingly trgtd by cunning scmmrs.
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Read more: https://www.tronweekly.com/crypto-vc-fund-loses-36m-to-phishing-attack/
Text source: TronWeekly
