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.
Coinbase is reportedly preparing to make its boldest move yet in the derivatives space with the planned acquisition of Deribit, a crypto options and futures exchange known for commanding a significant slice of global trading volume.
Large-scale investors are making aggressive moves on two major altcoins amid heightened market volatility, according to crypto analyst Ali Martinez.
Bank of America CEO Brian Moynihan hinted that the banking industry could integrate cryptocurrencies into payment systems, provided regulatory frameworks allow it.
Jerome Powell, the Chair of the U.S. Federal Reserve, is set to speak at the National Association for Business Economics today, just ahead of the release of the U.S. nonfarm payrolls report on Friday.