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<p>The post <a href="https://coinpedia.org/news/massive-55m-loss-how-a-simple-click-cost-a-crypto-whale-everything/" rel="noopener noreferrer nofollow">Massive $55M Loss: How a Simple Click Cost a Crypto Whale Everything!</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Scammers are becoming highly active in the crypto world. We have already seen multiple hacks this year. In a latest exploit a crypto whale lost $55.47 million in DAI stablecoins to a phishing attack. The loss happened as the whale signed an unrecognized transaction. This event has raised concerns about the growing risks of scams in the crypto ecosystem.</p>
<h2 class="wp-block-heading" id="h-what-actually-happened">What Actually Happened?</h2>
<p>The whale has stored its funds in Maker, a decentralized finance protocol on Ethereum. The problem started when it accidentally signed a fake transaction. This signature shifted the ownership of its funds to the scammer’s wallet.</p>
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   <p lang="en" dir="ltr">A whale lost 55.47M <a href="https://twitter.com/search?q=%24DAI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$DAI</a> in a phishing attack!<br><br>How did it happen?<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>The whale carelessly signed an unknown transaction 13 hours ago, setting the owner of his 55.47M <a href="https://twitter.com/search?q=%24DAI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$DAI</a> in Maker to the phishing address"0x0000db5c…41e70000".<a href="https://t.co/jpIz4pD043" rel="noopener noreferrer nofollow">https://t.co/jpIz4pD043</a><br><br>When he later tried to… <a href="https://t.co/qOkkcbYp4q" rel="noopener noreferrer nofollow">pic.twitter.com/qOkkcbYp4q</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1826161475049894198?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 21, 2024</a>
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<p>When the whale tried to withdraw its funds, the transaction failed. The ownership of the funds had already changed. The attacker moved the stolen DAI to a newly created address. The hacker quickly converted $27.5 million DAI into 10,625 ETH. Later this ETH was sent to a trading protocol called CoW, making it hard to track and recover the funds.</p>
<h2 class="wp-block-heading" id="h-the-rise-of-phishing-scams-in-crypto">The Rise of Phishing Scams in Crypto</h2>
<p>This incident is not the first of its kind. Phishing scams are becoming more common these days. Even experienced investors fall to these attacks.</p>
<p>In June, a MakerDAO delegate lost $11 million to a similar scam. The security firm CertiK reported that the attacker used a phishing tool called Inferno Drainer. This tool tricks victims by imitating real websites or emails, leading them to give away important account information.</p>
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f494.png" alt="💔" class="wp-smiley" style="height: 1em; max-height: 1em;"> 5 hours ago, a victim lost $11 million worth of aEthMKR and Pendle USDe tokens due to signing multiple Permit phishing signatures. <a href="https://t.co/9jhgQMdkl9" rel="noopener noreferrer nofollow">pic.twitter.com/9jhgQMdkl9</a></p>— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) <a href="https://twitter.com/realScamSniffer/status/1804708942981091516?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 23, 2024</a>
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<p>According to a security platform ScamSniffer, phishing attacks have drained $314 million in the first half of 2024. This is a huge increase compared to $295 million stolen in all of 2023. The numbers show that phishing attacks are getting worse. And not only newbies but experienced players are also becoming victims to these exploits.</p>
<h2 class="wp-block-heading" id="h-why-this-matters">Why This Matters</h2>
<p>The loss of $55.47 million by the whale is a serious reminder for everyone in crypto. It shows the importance of being careful. Users must double check every transaction before signing, especially in the world of decentralized finance. As phishing scams become more advanced, strong security measures and user awareness are more important than ever. This event highlights the risks in the crypto world and the need to protect assets from these growing threats.</p>
<p><strong>Also Read : <a href="https://coinpedia.org/news/hamster-kombat-dark-secrets-is-the-biggest-airdrop-a-scam-in-disguise/" rel="noopener noreferrer nofollow">Hamster Kombat’s Dirty Secret Exposed: Was the ‘Biggest Airdrop’ Just a Scam?</a></strong></p>

Massive $55M Loss: How a Simple Click Cost a Crypto Whale Everything!

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