Crypto Whale Loses $55 Million to a Recent Phishing Attack

A cryptocurrency whale fell victim to a phishing attack, losing $55 million in DAI stablecoins.

On August 20, the user unknowingly authorized a malicious transaction that transferred ownership of their funds within the Maker protocol.

Attempts to retrieve the assets failed after the attackers swiftly moved the funds, exchanging part of them for Ethereum.

Blockchain analytics firm Lookonchain highlighted the incident, advising caution when signing transactions. Phishing attacks, which trick users into giving up access to their wallets, have been increasingly costly.

Reports indicate that nearly $500 million was lost to such scams in the first half of 2024 alone.

In a related incident, Australian authorities are investigating phishing schemes that targeted 2,000 crypto wallets. Efforts to combat these scams have led to the removal of thousands of fraudulent platforms and links.