The post Crypto Whale’s $36 Million Loss Triggers dETH Market Collapse After Phishing Attack appeared first on Coinpedia Fintech News
In a massive crypto heist, a whale accidentally lost $36 million in fwDETH when they signed a ‘permit’ phishing signature. The victim lost 15,079 fwDETH and is probably someone related to @ContinueFund. The phishing scam was said to have been discovered by Scam Sniffer a blockchain security detection agency.
Consequences for dETH and protocols
The hacker whose wallet address is 0x06…16eC immediately dumped the stolen fwDETH, causing a collapse of the dETH market. The decentralized asset, which is typically pegged 1:1 changed hands at DuoExchange and rapidly went down to as low as 0.06 ETH and oscillating around the 0.27 ETH mark.
Signature Caution
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, its 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.