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<p>According to cybersecurity watchdog Scam Sniffer, $24.23 million worth of stETH and rETH tokens <a href="https://twitter.com/realScamSniffer/status/1699605356740305198" rel="noopener noreferrer nofollow">were lost</a> in a phishing attack that occurred just eight hours ago.</p> 
<p>The victim inadvertently granted token approvals to the scammer by signing "increaseAllowance" transactions.</p> 
<p>For those unfamiliar with the terminology, "increaseAllowance" is a type of transaction that grants permission to move a certain amount of cryptocurrency.</p> 
<h2 id="tracking-stolen-funds">Tracking stolen funds</h2> 
<p>The scammer's addresses have been linked to multiple <a href="https://u.today/top-10-crypto-scams-and-hacks-of-2022" rel="noopener noreferrer nofollow">crypto phishing sites</a>. Crypto phishing is a type of cyber attack where scammers trick individuals into revealing sensitive information, such as private keys or login credentials, by posing as trustworthy entities.</p> 
<p>Typically, the attacker will use <a href="https://u.today/i-have-never-and-would-never-invest-one-cent-in-bitcoin-ryanair-ceo" rel="noopener noreferrer nofollow">fake websites</a>, emails or social media accounts that closely resemble legitimate cryptocurrency platforms or services.</p> 
<p>Some of the stolen funds were transferred to FixedFloat, a cryptocurrency exchange service, while the majority remained in three separate addresses.</p> 
<p>This underscores the ease with which scammers can move large sums of money across the <a href="https://u.today/biggest-cryptocurrency-ecosystems-ethereum-omni-tron-and-more" rel="noopener noreferrer nofollow">crypto ecosystem</a>, often bypassing existing security protocols. However, it is worth noting that the crypto community has been proactive in tracking the movement of these funds, with platforms like MistTrack providing real-time updates.</p> 
<h2 id="exercising-caution">Exercising caution</h2> 
<p>The crypto industry has made significant strides in security and regulation, but incidents like these serve as a sobering reminder of the risks involved. Investors and traders are advised to exercise extreme caution, especially when approving transactions or interacting with unfamiliar platforms.</p> 
<p>A <a href="https://twitter.com/BeosinAlert/status/1674618821766971392" rel="noopener noreferrer nofollow">report</a> released on June 30 by Web3 security company Beosin reveals that the first half of 2023 saw a staggering $656 million in cryptocurrencies lost to scams, hacks and rug pulls.</p>

$24 Million Worth of Crypto Wiped out Overnight in Massive Phishing Attack

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