The cryptocurrency market is witnessing a surge in fraud cases. Despite improved security and authentication methods, malicious actors are developing new scams. In the third quarter, scammers stole millions of dollars in September alone. This alarming trend is largely attributed to the increase in phishing scams. In a recent incident, a scammer stole an additional $35 million through a phishing signature link just hours ago.
Significant Loss from fwDETH
In this latest attack, a scammer made off with fwDETH worth $35 million, marking one of the largest cryptocurrency fraud cases in recent times. The victim lost millions within seconds after clicking on a fake “permit” signature.
What a disaster!
Someone lost 15,079 fwDETH through a “permit” phishing signature!
Due to phishing risks, avoid clicking on unknown links and stay away from unfamiliar signatures.
Market and Business Impacts
This incident negatively affected businesses associated with fwDETH, including DeFi protocols like PAC Finance and Orbit Finance. However, these platforms have yet to issue an official statement. According to Scam Sniffer, such phishing attacks have victimized at least 10,800 individuals. Scammers direct victims to fake sites, enabling them to easily access and control victims’ wallets through the permissions granted.
According to CertiK, various cryptocurrency scams resulted in a total loss of $753 million in the third quarter of 2024. Among these, $127 million was stolen through phishing attacks. The recent incident contributed to the loss of $35 million in fwDETH.
Following the attack, reports indicated that the scammer sold all the stolen fwDETH tokens, which led to liquidity issues and price drops. Many observers noted that this situation caused fluctuations in token prices.
