A user lost a fortune in cryptocurrencies. The on-chain data suggests that the victim accidentally authorized a malicious transaction.
A cryptocurrency whale lost $24 million: what was the phishing attack he suffered like?
Courtesy: In Colombia
A whale (those users who own more than a thousand BTC) lost $24 million in a cybercrime. Chain investigations suggest that the most likely cause was a phishing attack.
According to on-chain data, the holder of the Ethereum wallet address “0x13e382” lost 4,851 rETH worth around $8.58 million and 9,579 stETH valued at $15.63, as The Block reported.
What is the crime of phishing? Scammers will be able to impersonate a trusted person, platform or entity to steal victims’ data, or in the case of cryptophishing, their access keys to their cryptocurrency funds.
Web3 security platform Scam Sniffer stated that the attack likely involved a phishing tactic. According to the team, the individual was tricked into authorizing a transaction from his Ethereum wallet through a malicious link. Other researchers had the same hypothesis.
“Funds were stolen via the transferFrom function, we suspect this was done with a phishing link”Mario B, an analyst at security firm Beosin, told The Block.
The victim reportedly granted the attacker the necessary permissions to execute a ‘transferFrom’ function and shortly thereafter the assets were moved to an address designated as “Fake Phishing186943” by the block explorer, Etherscan. The stolen funds were initially deposited at two addresses.
Source: Ambito
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