In a devastating phishing attack, a crypto whale lost 55.47 million DAI due to a careless mistake.

The incident unfolded when the whale unknowingly signed an unknown transaction 13 hours ago, inadvertently setting the owner of his 55.47 million DAI in Maker to a phishing address: “0x0000db5c…41e70000.”

This critical error allowed the attacker to gain control of the whale’s funds. Later, when the whale attempted to withdraw his 55.47 million DAI, the transaction failed due to the unauthorized change in ownership.

The attacker, wasting no time, set the owner of the DAI to a newly created address, “0x5D4b,” and promptly withdrew the entire 55.47 million DAI.

Attacker Exchanged Stolen DAI For ETH 

The attacker then exchanged 27.5 million DAI for 10,625 ETH, further securing their ill-gotten gains. This swift and calculated move by the attacker underscores the importance of vigilance in the world of cryptocurrency.

This incident serves as a stark reminder of the dangers associated with signing unknown transactions. When dealing with significant amounts of cryptocurrency, it’s crucial to double-check every detail before confirming a transaction. The simple act of overlooking an address or transaction detail can lead to catastrophic losses, as this whale’s unfortunate experience shows.

In the fast-paced world of crypto, phishing attacks are becoming increasingly sophisticated. Scammers are continually finding new ways to exploit vulnerabilities, making it imperative for users to remain vigilant. Always verify transaction details, avoid signing transactions from unknown sources, and ensure that you’re interacting with legitimate platforms.

This tragic loss of 55.47 million DAI is a powerful lesson in the importance of caution and due diligence in the crypto space. By taking the time to double-check and verify, such costly mistakes can be avoided.

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: Max Bender/Unsplash // Image Effects by Colorcinch