Investor Loses Over $100K to Crypto Phishing Scam

Investor Loses Over $100K to Crypto Phishing Scam

An unfortunate investor recently fell victim to a sophisticated phishing attack, losing more than $101,000 in multiple cryptocurrencies across several blockchains.

According to Blockchain security firm PeckShield, the investor’s address was compromised, resulting in the theft of over 237.8 billion OSAK tokens worth $66,682 from the Osaka protocol, and 287 billion CAW tokens valued at $26,490. Additionally, 213 HIGH tokens worth $938 and 426 USDT were stolen on the Ethereum network. Other assets taken include 3,000 USDC on the BNB Chain, as well as 0.5 PENDLE and 0.1 WBTC on Arbitrum. Despite these losses, the address still holds approximately $7,000 in crypto assets at the time of reporting.

The exploiter’s address currently retains the stolen assets, boasting a balance of roughly $220,000 across multiple chains. The hackers executed the attack by deploying a multi-call function, which allows multiple smart contract functions to be executed in a single transaction. This method is often used by malicious actors to trick users into signing transactions that appear legitimate but actually include hidden malicious functions. This can lead to unauthorized transfers of funds or interactions with contracts, causing significant asset losses.

The crypto space has seen several phishing attacks this year, although their frequency has decreased somewhat. Recently, an unidentified market participant lost over $674,000 in USDC to a similar scam, underscoring the persistent threat of such fraudulent schemes.

This incident mirrors another phishing attack earlier this month, where a victim lost $145,000 worth of Bored Ape Yacht Club (BAYC) NFTs, with three BAYC NFTs being stolen. In April 2024, another trader lost over $180,000 in USDC and Andy tokens. The attackers in that case also employed a multi-call tactic, combining multiple function calls into a single transaction to siphon off assets from the victim’s address to wallets controlled by the hackers.

These incidents highlight the ongoing risks and sophisticated methods used in phishing attacks within the cryptocurrency market, emphasizing the need for increased vigilance and security measures among investors.

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