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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Oct 11, 2024 09:41 UTC
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Crypto Whale’s $36 Million Loss in fwDETH Phishing Attack Triggers Market Crash
A whale accidentally lost $36 million in fwDETH due to a phishing scam.
The scam caused a significant crash in the dETH market.
The incident highlights the importance of careful signature verification in crypto transactions.
In a shocking crypto heist, a whale accidentally lost $36 million in fwDETH after signing a phishing signature that looked like a legitimate ‘permit.’ The victim, likely linked to @ContinueFund, lost 15,079 fwDETH in this attack. The phishing scam was discovered by Scam Sniffer, a blockchain security detection agency.
Want to learn more about the details of this high-stakes heist?
Crypto Market Chaos
The hacker, identified by the wallet address 0x06…16eC, quickly sold off the stolen fwDETH, resulting in a significant drop in the dETH market. This decentralized asset, which is usually pegged at a 1:1 ratio, plummeted in trading on DuoExchange, hitting lows of 0.06 ETH and fluctuating around 0.27 ETH.
High Stakes of Phishing
The breach serves as a stark reminder to crypto users. The main advice, always read signatures before signing ones and not click on unknown links. To avoid getting phished, it’s always best to double-check the details while signing signatures.
The consequences in the decentralized finance space are that a single phishing signature costs millions of dollars – just as in this attack.
A costly lesson learned: Always verify, never trust.
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