Cryptocurrencies

MakerDAO Governance Representative Loses $11 Million worth of Aave Ethereum Tokens (aEthMK)

A MakerDAO governance representative lost $11 million worth of Aave Ethereum (aEthMK) and Pendle USDe tokens in a phishing scam due to multiple phishing signatures.

Scam Sniffer discovered the incident in the early hours of June 23. The user fell victim to a phishing scam after signing multiple phishing signatures, resulting in the loss of their digital assets.

Loss

The sender address, 0xfb94d3404c1d3d9d6f08f79e58041d5ea95accfa, transferred 3,657 aEthMK tokens to the recipient address 0x739772254924a57428272f429bd55f30eb36bb96, and the transaction was quickly confirmed in 11 seconds .

Colleen Wu, crypto journalist mentioned Arkham discovered that the victim in this case was a representative of MakerDAO management. The delegate plays a key role in the MakerDAO system, contributing to smooth workflow and decision-making processes

Delegates are responsible for voting on governance proposals, polls, and executive votes, influencing important decisions within the Maker Protocol.

Typically, MKR holders and delegates vote to decide proposals, which progress from early polls to the final executive vote.

Source: sniffing scam

If the proposal is approved, it will be implemented in the Maker protocol after a waiting period, known as the Governance Security Module (GSM), which acts as a security measure to prevent sudden changes to the protocol.

Phishing tricks

In December, Cointelegraph reported that cryptocurrency fraudsters were increasingly turning to “approval phishing” tactics to steal funds.

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Consent phishing is a cryptocurrency scam in which victims are tricked into signing transactions that give fraudsters access to wallets, allowing them to drain funds. Although this is not new, Chainalysis said this technique is now often used by fraudsters who slaughter pigs.

Phishing scams are a common form of cybercrime in which perpetrators pose as reputable entities to trick individuals into providing sensitive data. In this case, the user was tricked into signing multiple phishing signatures on the authorization network, resulting in the loss of their tokens.

According to a Scam Sniffer report released earlier this year, phishing scams cost 320,000 users $300 million in 2023 alone.

Among the most serious cases in the Scam Sniffer report, a victim lost $24.05 million due to phishing signatures such as Permit, Permit 2, Approve, and Incredible Alance.

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