Over $2 million in Ethereum stolen in sophisticated phishing scheme

A latest phishing assault has left a crypto investor reeling from a lack of 501 ETH, valued at roughly $2 million, staked by way of liquid restaking protocol Ether.Fi.

On-chain data reveals that the theft occurred earlier as we speak and concerned two transactions. In a single transaction, 426 ETH had been siphoned, adopted by one other 75 ETH in a subsequent transaction. On the time of the assault, these stolen property had been valued at roughly $1.6 million and $276,000, respectively.

Because of the theft, the pockets’s internet price plummeted by over 99.93%, leaving them with solely $1,453.

Rip-off Sniffer, a Web3 safety platform, identified the assault as using an “IncreaseAllowance” transaction, a signature generally related to phishing schemes that allow attackers to entry funds with out the sufferer’s authorization.

Over $100 million misplaced to phishing scams

This incident happens amidst a surge in phishing scams focusing on the trade this 12 months.

In response to data supplied by Rip-off Sniffer, $104 million was defrauded from roughly 97,000 crypto customers in the preliminary months of this 12 months as a consequence of phishing assaults. In January, losses amounted to $57.7 million, adopted by $46.8 million in February.

A breakdown of the assaults exhibits that Ethereum customers bore the brunt, dropping $78 million in property, together with ETH and ERC20 tokens.

The first technique employed by cybercriminals concerned duping victims into signing malicious phishing signatures, reminiscent of “Uniswap Permit2” and “increaseAllowance,” which enabled the malicious gamers to achieve unauthorized entry to their victims’ funds.

“Most of the thefts of all ERC20 tokens were due to assets being stolen as a result of signing phishing signatures such as Permit, IncreaseAllowance, and Uniswap Permit2,” Rip-off Sniffer defined.

Rip-off Sniffer revealed that almost all victims fell prey to misleading feedback on social media platforms, notably X (previously Twitter). The attackers usually masquerade as official crypto organizations to lure unsuspecting people to phishing websites the place their digital property are stolen.

The put up Over $2 million in Ethereum stolen in sophisticated phishing scheme appeared first on CryptoSlate.

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