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.

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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

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.