The whale address lost a large amount of DAI tokens due to a phishing attack after unintentionally signing a fraudulent transaction.
On-chain data confirms that the losses amounted to $55.47 million in Dai (DAI). According to a post by Lookonchain X, the whale’s funds were stored in Maker, a decentralized finance protocol built on Ethereum.
However, after the fraudulent transaction was signed, the ownership of these funds changed, allowing the attacker to gain full control over the DAI tokens in the wallet. When the whale tried to withdraw the funds, the transaction failed due to the unintended change in ownership. The hacker then quickly transferred the stolen DAI tokens to a newly created wallet. address.
Through this address, the attacker has since converted the tokens into Ethereum (ETH) and redirected them to other wallets. So far, the hacker has swapped 27.5 million DAI for around 10,625 ETH, eventually moving most of the funds to CoW, a trading protocol.
Phishing attacks are becoming increasingly common in the crypto landscape. In June, a MakerDAO representative lost $11 million in various tokens, including USDe, in a similar scam. In May, an NFT trader lost over $145,000 in Bored Ape Yacht Club collectibles, while another investor saw $101,000 in multiple cryptocurrencies disappear due to phishing.
Recent research from Chainalysis confirms that since May 2021, consent attacks have stolen $2.7 billion worth of assets. Previous reports also revealed that victims lost over $46 million to phishing attacks in February of this year.