Bitrabo Editorial
Reports reveal that a crypto whale has lost $55.47 million in DAI due to a sophisticated phishing attack. The incident involved the unauthorized transfer of ownership of a Maker vault to a malicious entity.
How the Mega Crypto Hack Unfolded
The breach began with an innocent transaction, leading to the compromise of assets on August 20, 2024. The ownership of DSProxy #166,776 was redirected to a phishing address “0x0000db5c8B030ae20308ac975898E09741e70000.”
The attacker then used another address to mint and withdraw 55,473,618 DAI tokens from the vault. They further converted half of the stolen DAI into 10,625 Ethereum (ETH).
CertiK identified the phishing method as part of the Inferno Drainer category, an exploit that manipulates transaction permissions to divert assets to the attacker’s control.
This exploit deceives users into granting access to their digital assets through disguised links or compromised interfaces.
Lookonchain emphasized the importance of double-checking transactions before confirming and cautioned against signing unknown transactions.
Despite $7.8 million being returned to victims, crypto security faced significant challenges in July, with total losses of $270.9 million due to various hacks and scams.
Exit scams contributed $3 million, while flash loans, often utilized in arbitrage strategies, accounted for $265.8 million losses. Other exploits added approximately $9.8 million to the total.
Currently, the total crypto market cap stands at $2.053 trillion.