Categories: News

Trader Loses $11.1 Million In Weekend Phishing Scam

A trader fell victim to a phishing attack over the past trading weekend, losing a staggering $11.1 million after inadvertently signing fraudulent transactions.

The scam resulted in the theft of 3,657 MKR tokens, valued at $8.7 million, and 2.56 million PT Ethena tokens worth $2.4 million.

The attacker wasted no time in offloading the stolen assets. They converted the 3,657 MKR tokens into 2,502 ETH, a transaction valued at $8.7 million, which subsequently caused a 7.5% drop in the price of MKR due to the large sale.

The Attacker Swapped Ethena Tokens For 689 ETH

In addition, the scammer swapped the 2.56 million PT Ethena tokens for 689 ETH, amounting to $2.4 million.

This incident underscores the critical importance of security within the cryptocurrency sector. It serves as a stark reminder to traders to remain vigilant and adopt stringent security measures to safeguard their digital assets.

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The loss of such a significant amount of money through a phishing scam highlights the sophisticated tactics employed by scammers and the dire consequences of falling for their schemes.

Cryptocurrency holders are urged to stay informed about potential threats and employ best practices such as using hardware wallets, enabling two-factor authentication, and thoroughly verifying transaction details before approval.

By taking these precautions, traders can better protect themselves against the growing threat of cyberattacks in the crypto space.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: ra2studio/123RF // Image Effects by Colorcinch

Will Izuchukwu

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.

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Will Izuchukwu

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