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An Ethereum wallet, in what appears to be a sophisticated scam operation, collected millions of dollars last week through cryptocurrency and NFT transactions. Security expert Plumferno first flagged the operation in a post on social media platform X and stated that with the help of a few friends, he was able to trace the source of the stolen crypto from the wallet.
What Happened in the Phishing Attack?
During the hack attack, a series of phishing emails allegedly sent to creditors of now-bankrupt companies from BlockFi and FTX crypto firms, and possibly other crypto companies, expedited the process. Plumferno suggested that the hacker might have obtained the list of email addresses from data stolen from the email service Mailer Lite, which was compromised in January and led to a separate lucrative phishing scam. Plumferno mentioned the following in his post on platform X:
“The worst part of this scam is that most of the assets were stolen from dormant wallets or possibly from people affected by the BlockFi bankruptcy who have not touched their funds since then. It is also likely that some of these victims are still unaware that they have been robbed.”
Noteworthy Details of the Attack
Blockchain data analyzed by experts shows that since March 17th, approximately $4.5 million worth of Ethereum has entered the wallet, with more transactions arriving every second. Additionally, the wallet has been seen stealing and selling various high-value NFT pieces, including Mutant Apes, Otherdeeds, and more.
Crypto phishing attacks are becoming an increasingly common method of attack for cybercriminals, with $300 million stolen last year alone. Even experienced individuals in the crypto sector can fall victim to these scams, emphasizing the need for caution when interacting with new protocols.
These hack attacks in the crypto market are negatively affecting users’ perspectives on the blockchain ecosystem. However, recent developments have begun to deter attackers, and security processes addressed in the industry are helping to ensure safety in the blockchain space.
