Crypto Whale’s $36 Million Loss in fwDETH Phishing Attack Triggers Market Crash
Qadir AK11 Oct 20241 min read
In a shocking crypto heist, a whale accidentally lost $36 million in fwDETH after signing a phishing signature that looked like a legitimate ‘permit.’ The victim, likely linked to @ContinueFund, lost 15,079 fwDETH in this attack. The phishing scam was discovered by Scam Sniffer, a blockchain security detection agency.
Want to learn more about the details of this high-stakes heist?
Crypto Market Chaos
The hacker, identified by the wallet address 0x06…16eC, quickly sold off the stolen fwDETH, resulting in a significant drop in the dETH market. This decentralized asset, which is usually pegged at a 1:1 ratio, plummeted in trading on DuoExchange, hitting lows of 0.06 ETH and fluctuating around 0.27 ETH.
High Stakes of Phishing
The breach serves as a stark reminder to crypto users. The main advice, always read signatures before signing ones and not click on unknown links. To avoid getting phished, it’s always best to double-check the details while signing signatures.
The consequences in the decentralized finance space are that a single phishing signature costs millions of dollars – just as in this attack.
A costly lesson learned: Always verify, never trust.
