A recent cyberattack has led to an unsuspecting crypto investor reportedly losing 15,079 fwdETH, worth roughly $36 million.<\/p>\n
In the incident, described by security experts as a permit phishing scam, the bad actor tricked the user into unknowingly signing a malicious signature, which gave the thief full access to the individual\u2019s funds.<\/p>\n
Scam Sniffer, a Web3 anti-scam platform, broke the news in an October 11 post<\/a> on X, sharing the addresses of the victim and the attacker.<\/p>\n Five hours before the report surfaced, the victim, identified by the address 0xeab23c1e3776fad145e2e3dc56bcf739f6e0a393, signed a permit phishing signature, unknowingly authorizing the hacker to move their 15,079 fwdETH.<\/p>\n The exploiter, linked to the address 0x0605edee6a8b8b553cae09abe83b2ebeb75516ec, immediately sold the tokens on the market, apparently causing the price of dETH, a related asset, to crash by over 90% within 24 hours.<\/p>\n Chiming in on the incident, analyst roffett.eth warned<\/a> that the drop in the price of dETH had affected several decentralized finance (DeFi) protocols, particularly PAC Finance and Orbit Finance since the sell-off had allegedly triggered vulnerabilities in their systems.<\/p>\n Permit phishing is still relatively new in crypto circles. It comes from criminals exploiting a requirement in certain DeFi tokens or contracts for the user to approve so-called permit signatures that grant third parties the ability to interact with their wallets, including spending or transferring funds.<\/p>\n Attackers usually create a fake website or interface that looks like a legitimate service or decentralized application (dApp) and then ask users to sign the \u201cpermit\u201d transaction. This is often disguised as a legitimate request, tricking users into granting full access to their assets.<\/p>\n Such hacks exploit a lack of understanding around transaction permissions, allowing hackers to drain assets from even well-versed crypto users.<\/p>\n This isn\u2019t the first time DeFi users have been targeted by phishing schemes. According to Scam Sniffer, something similar happened just 12 days earlier, with the victim in that incident<\/a> losing 12,083 spWETH, which was then valued at about $32 million.<\/p>\n Due to the growing instances of such attacks, experts are urging users to be extra cautious when interacting with unfamiliar links or signing transaction permissions.<\/p>\n \u201cAlways double-check any signatures you\u2019re asked to sign, and avoid clicking on unknown links,\u201d Scam Sniffer posted as a reminder to the crypto community of the constant threat of phishing tricks.<\/p>\n The post Crypto Investor Loses $36M to Permit Phishing Scheme<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" A recent cyberattack has led to an unsuspecting crypto investor reportedly losing 15,079 fwdETH, worth roughly $36 million. In the incident, described by security experts as a permit phishing scam, the bad actor tricked the user into unknowingly signing a malicious signature, which gave the thief full access to the individual\u2019s funds. How it Happened […]<\/p>\n","protected":false},"author":0,"featured_media":13287,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13286"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13286"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13286\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/13287"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The Ripple Effect on DeFi<\/h2>\n