Security vulnerabilities and fraud cases continue to increase in the cryptocurrency world. The latest data shows a cryptocurrency whales $55.4 million worth of Dai stablecoin phishing attack This major loss has once again brought to the fore the increasing security problems in the sector.
Over 55 Million Dai Stolen in Attack
The attack, which took place on Tuesday, was first reported by an in-chain detective ZachXBT Following this, according to blockchain security firm CertiK, the attackers used a phishing tool called “Inferno Drainer” to gain access to the victim’s externally owned account, called an “Externally Owned Account” (EOA). The tool is known for its expertise in obtaining users’ private information by tricking victims into sending them fake websites or emails representing legitimate exchanges and DeFi protocols. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
CertiKfound that attackers used a phishing tool to infiltrate the victim’s EOA, which controls the Maker Vault. Maker Vaultis a system that allows users to borrow Dai stablecoins by depositing collateral. The attacker hijacked the victim’s Decentralized Service Proxy, or DSProxy, through the account. DSProxy is a smart contract that allows users to perform multiple contract calls in a single transaction.
After taking control of DSProxy, the attacker set his own wallet address as the owner of Maker Vault and mined 55,473,000 Dai stablecoin‘s transferred to this address.
DeFi Security Continues to Raise Alarms
The incidents have raised concerns about the security of DeFi protocols. DeFi protocols continue to be at the center of attacks in the cryptocurrency world. Last month, a decentralized exchange (DEX) aggregation and bridging protocol LI.FI‘s security breach It resulted in a loss of $10 million. ImmunofluorAccording to a July report by the cryptocurrency industry, the loss of over $1.19 billion is expected to continue until 2024. The figures show that security breaches and scams in the industry continue unabated.
On the other hand cryptocurrency worldThe prevalence of security and fraud incidents poses a serious risk for investors. All of this indicates that users should be more careful to protect their cryptocurrencies and not click on links from illegitimate sources.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
