- May 20, 2024
- Posted by: legaleseblogger
- Category: Related News
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Investor Loses $101,000 in Phishing Attack
An investor just fell victim to a phishing attack, losing over $101,000 in multiple cryptocurrencies across several blockchains.
According to the Blockchain security firm PeckShield, the address lost over 237.8 billion OSAK worth $66,682 from defi project Osaka protocol, and 287 billion CAW tokens valued at $26,490.
In addition, 213 HIGH worth $938 and 426 USDT were stolen on the Ethereum network. Other assets taken include 3,000 USDC on BNB Chain, including 0.5 PENDLE and 0.1 WBTC on Arbitrum. At the time of reporting, the address still holds $7,000 in crypto assets.
The exploiter’s address still retains the stolen assets at last check, boasting a balance of roughly $220,000 across several chains. The attackers exploited the victim by deploying a multi-call function, which allows multiple smart contract functions to be executed in a single transaction.
Hackers exploit this by tricking users into signing transactions that appear legitimate but actually include malicious multi-call functions. The code allows the malicious actor to transfer funds or interact with contracts without the user’s intended consent, leading to the loss of assets.
This year, the crypto space has experienced several phishing attacks, albeit with a reduced frequency. Recently, an unidentified market participant fell victim to such a scam, resulting in a substantial loss of over $674,000 in USDC, highlighting the ongoing threat of these fraudulent schemes.
Moreover, this incident mirrors similar phishing attacks reported earlier this month, where a victim lost $145,000 worth of Bored Ape Yacht Club (BAYC) NFTs. In that case, three BAYC NFTs were stolen.
In another incident reported in April 2024, a trader lost over $180,000 in USDC and Andy tokens. The attackers employed a similar multi-call tactic, combining multiple function calls into a single transaction, leading to outflows from the victim’s address to several wallets controlled by the hackers.
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AI legalese decoder can assist in detecting and preventing phishing attacks in the crypto space by analyzing smart contract functions and transactions for any suspicious multi-call activity. By scanning for potential malicious code and alerting users to possible risks, the AI technology can help investors protect their assets and avoid falling victim to such fraudulent schemes.
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