Dangers also lurk in the world of cryptocurrencies, where innovation and technology go hand in hand. Recently, a crypto user fell victim to a sophisticated phishing attack. Unfortunately, this resulted in a loss of a whopping $4.2 million worth of cryptocurrencies. This incident highlights a disturbing trend in the crypto industry: the rise of increasingly sophisticated scams that can deceive even the most cautious investors.
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Crypto phishing with a technological twist
The core of this phishing attack was the use of “opcode malware.” This type of malware injects operational codes into scripting languages of various platforms. Quite a mouthful, but it played a key role in extracting significant amounts of money from the victim in aEthWETH and aEthUNI.
The attack involved compromised ERC-20 authorizations that bypassed security warnings and sent the funds to an unauthorized address. This technique illustrates a worrying trend in crypto scams, where attackers are able to bypass existing security measures using sophisticated methods.
crazy! About 40 minutes ago, someone lost $4.20 million worth of aEthWETH and aEthUNI to crypto phishing! pic.twitter.com/2Nhx4HDQcK
— Fraud Sniffer | Web3 Anti Scam (@realScamSniffer) January 22, 2024
A rising trend in crypto scams
In addition to this shocking event, there is also a broader trend of increasing phishing activity in the crypto world. For example, security firm Blockfence uncovered a massive fraud operation that defrauded more than 42,000 investors out of a total of $32 million.
These scammers used a method where they created more than 1,300 fake crypto tokens similar to those of existing projects. They lured traders with false promises and then staged a “withdrawal” in which they cashed out the invested funds.
It is crucial for crypto investors to remain vigilant. Experts emphasize the importance of avoiding questionable tokens and recommend using multiple security measures. Newer and lesser-known tokens like memecoins can be particularly risky. Crypto fraudsters are lurking everywhere and dangers lurk around every corner. If something seems too good to be true, it probably is.
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