Blockchain safety platform Rip-off Sniffer reported {that a} crypto trader misplaced $55.47 million in DAI stablecoin to a phishing attack.
In accordance to the agency, the trader misplaced their property after mistakenly transferring possession of their collateralized debt place (CDP) on DeFi Saver Proxy to a malicious pockets.
DeFi Saver Proxy is a proxy contract deployed by Maker, the issuer of DAI stablecoin, for merchants managing collateralized debt positions (CDPs).
The sufferer, recognized as ‘0xf2B8,’ executed a ‘SetOwner’ transaction, unknowingly redirecting possession of their DeFi Saver Proxy contract to a phishing tackle. When the sufferer tried to execute a transaction, it failed as a result of they not owned the DeFi Saver Proxy.
The attacker then transferred possession to one other tackle and drained all the $55.47 million in DAI from the sufferer’s account.
Yu Xian, the founding father of blockchain safety agency SlowMist, pointed out that the attacker utilized the infamous Inferno Drainer crypto wallet-draining kit to perpetrate the attack.
In the meantime, the blockchain analytical platform Lookonchain stated that the attacker had exchanged 27.5 million DAI for 10,625 ETH as of press time.
Phishing exploits
This newest exploit highlights the continued threat of phishing attacks in the crypto business. In these frauds, attackers impersonate official entities to steal delicate knowledge and achieve entry to their victims’ crypto wallets.
In accordance to a report by Rip-off Sniffer, Wallet Drainers, a sort of phishing malware, are sometimes used on these phishing web sites to trick customers into signing malicious transactions. This yr alone, over $314 million price of digital property had been stolen via phishing exploits in the primary half of 2024.
These assaults affected 266,713 victims and concerned varied phishing strategies, together with Allow, Enhance Allowance, Enhance Approval, and Uniswap Permit2. Pendle tokens had been essentially the most affected property, adopted by Restaking and Aave Collateral property.