Amid the ongoing crypto market volatility and midterm uncertainty, a Web3 user has fallen victim to a phishing attack, resulting in more than $55 million loss. According to an on-chain data analysis conducted by Certik Alert, the attacker, alias Fake_Phishing187019, minted 55,473,618 Dai tokens and immediately began laundering them through different channels.
How did it all happen? Here’s what we know.
How the Attack Unfolded
The attacker exploited externally owned accounts (EOAs), which are similar to traditional bank accounts but secured with unique public and private key pairs. By accessing these accounts, the attacker managed to steal the assets.
Further analysis of the attacker’s address reveals a high determination to conceal and launder as many funds as possible in different amounts. For instance, the attacker sent around $36 million to a single address and then sent $17.5 million to CoW Protocol earlier today.
Meanwhile, the attacker had already begun swapping the assets to Wrapped ETH and BTC by depositing the funds to Uniswap V3.
The Impact on the Web3 Sector
The Web3 industry’s rapid growth has been marred by sophisticated attacks targeting its weak security features. Certik Alert reports that over $270 million has been lost to hacks, exploits, and scams across various Web3 projects, with only $7.8 million recovered in July.
The WazirX hack, which resulted in the loss of over $230 million, left more retail investors devastated after the attacker deposited the funds into Tornado Cash.
Earlier this week, 4,064 Bitcoins, worth about $238 million, were stolen from a victim and quickly transferred to THORChain, eXch, KuCoin, ChangeNow, Railgun, and Avalanche Bridge.
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Don’t let these attacks deter you. But stay informed, stay vigilant, and stay safe.
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