There is an exponential increase in fraud cases in the crypto market. Despite increased security and authentication methods, malicious actors are developing new fraud methods. In the third quarter, fraudsters stole millions of dollars in September. This is due to the increase in phishing scams. In the latest incident, a few hours ago, a fraudster stole another $35 million via a phishing signature link.
Great Loss from fwDETH
In the new attack, the fraudster stole $35 million worth of fwDETH, making it one of the biggest crypto fraud cases of recent times. The victim lost millions of dollars within seconds after clicking on a fake “permit” signature.
Frenzy!
Someone lost 15,079 fwDETH with a “permit” phishing signature!
Do not click on unknown links and avoid unknown signatures due to the risk of phishing.
The hacker’s address was identified as 0x0605edee6a8b8b553cae09abe83b2ebeb75516ec. The victim’s wallet address probably belongs to Continue Fund, a VC firm. Fraudsters use temporary token spending addresses created with the CREATE2 function, making them difficult to detect.
Effects on Market and Businesses
This incident also negatively impacted businesses connected to fwDETH, including DeFi protocols such as PAC Finance and Orbit Finance. However, these platforms have not yet made an official statement. According to the Scam Sniffer report, such phishing attacks victimized at least 10,800 people. Fraudsters direct their victims to connect crypto wallets to fake sites and can easily gain authority over their wallets (thanks to the permissions they receive).
According to CertiK, a total of $753 million was lost in various crypto scams in the third quarter of 2024. Of these, $127 million was stolen through phishing attacks. In the latest incident, $35 million worth of fwDETH was stolen.
Following the attack, the scammer reportedly sold all the stolen fwDETH tokens, resulting in liquidity issues and price drops. Many analysts stated that this caused fluctuations in the token price.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
