Crypto Whale Lost $35 Million After Hacker Drained Their Funds

Security experts have reported a significant phishing attack that led to the loss of 15,079 Few Wrapped Duo ETH (fwDETH), valued at around $35 million.

fwDETH, a wrapped version of the Duo ETH (DETH) token, is a derivative of Ethereum issued by the Duo protocol, which operates on the Blast network.

The breach occurred when a large-scale holder unknowingly signed a fraudulent “permit” message, giving the attacker access to drain funds from the address 0xEab2E…a393.

Blockchain security firms PeckShield and BlockSec confirmed the details, with BlockSec co-founder Yajin Zhou explaining that the hacker deceived the victim into signing an offline authorization, which allowed for the transfer of tokens.

As a result of this attack, DETH’s price plummeted by over 90%, dropping from $2,000 to $100 before recovering slightly to $1,160. The incident underscores the rising sophistication of phishing scams within the crypto industry and their influence on market prices.

🚨 5 hours ago, someone lost 15,079 fwDETH($35M) after signing a “permit” phishing signature.💸 pic.twitter.com/YG6KlgWMtv

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) October 11, 2024