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A whale address lost a substantial amount of DAI tokens due to a phishing attack after carelessly signing a fraudulent transaction.
On-chain data confirms that the losses amounted to a whopping $55.47 million worth of Dai (DAI). According to a Lookonchain post on x, the whale’s funds were stored on Maker, a decentralized finance protocol built on ethereum.
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However, after signing the fraudulent transaction, the ownership of these funds was altered, allowing the attacker to take full control of the DAI tokens in the wallet. When the whale attempted to withdraw the funds, the transaction failed due to the unintentional change of ownership. The hacker then quickly moved the stolen DAI tokens to a newly created wallet. ADDRESS.
Through this address, the attacker has been converting tokens into ethereum (eth) and redirecting them to other wallets. So far, the hacker has exchanged 27.5 million DAI for approximately 10,625 eth, and has moved most of the funds to CoW, a trading protocol.
Phishing attacks have become increasingly common in the cryptocurrency scene. In June, a MakerDAO delegate lost $11 million worth of various tokens, including USDe, to a similar scam. In May, an nft trader lost over $145,000 worth of Bored Ape Yacht Club collectibles, while another investor saw $101,000 worth of multiple cryptocurrencies disappear due to phishing.
A recent study by Chainalysis confirms that since May 2021, approval attacks have accounted for a staggering $2.7 billion in stolen assets. Previous reports also revealed that victims lost over $46 million to phishing attacks in February this year.
