A whale address lost a substantial amount of DAI tokens to a phishing attack after carelessly signing a fraudulent transaction.
On-chain data confirms that the losses amounted to a whopping $55.47 million in Dai (<a href="https://crypto.news/price/dai/" target="_blank" rel="noopener noreferrer nofollow">DAI</a>). According to an X post by Lookonchain, the whale’s funds were stored in Maker, a decentralized finance protocol built on <a href="https://crypto.news/tag/ethereum/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a>.
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 A whale lost 55.47M <a href="https://twitter.com/search?q=%24DAI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$DAI</a> in a phishing attack! How did it happen?👇 The whale carelessly signed an unknown transaction 13 hours ago, setting the owner of his 55.47M <a href="https://twitter.com/search?q=%24DAI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$DAI</a> in Maker to the phishing address"0x0000db5c…41e70000".<a href="https://t.co/jpIz4pD043" target="_blank" rel="noopener noreferrer nofollow">https://t.co/jpIz4pD043</a> When he later tried to… <a href="https://t.co/qOkkcbYp4q" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/qOkkcbYp4q</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1826161475049894198?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 21, 2024</a>
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However, after signing the fraudulent transaction, the ownership of these funds was altered, allowing the attacker to take full control of 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 swiftly moved the stolen DAI tokens to a newly created <a href="https://etherscan.io/address/0x5d4b2a02c59197eb2cae95a6df9fe27af60459d4" target="_blank" rel="noopener noreferrer nofollow">address</a>.&nbsp;
You might also like: <a href="https://crypto.news/whales-keep-accumulating-aave-as-prices-hit-overbought-levels/" rel="noopener noreferrer nofollow"> Whales keep accumulating Aave as prices hit overbought levels </a>
Through this address, the attacker has since been converting the tokens to Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>) and rerouting them to other wallets. So far, the hacker swapped 27.5 million DAI for approximately 10,625 ETH, ultimately moving most of the funds to CoW, a trading protocol.
Phishing attacks have become increasingly common in the crypto scene. In June, a MakerDAO delegate <a href="https://crypto.news/makerdao-delegate-loses-11m-in-major-phishing-scam/" target="_blank" rel="noopener noreferrer nofollow">lost</a> $11 million in various tokens, including USDe, to a similar scam.&nbsp;In May, an NFT trader <a href="https://crypto.news/nft-trader-loses-145k-worth-of-bayc-to-phishing-attack/" target="_blank" rel="noopener noreferrer nofollow">lost</a> over $145,000 in Bored Ape Yacht Club collectibles, while another investor <a href="https://crypto.news/investor-loses-over-100k-to-crypto-phishing-scam/" target="_blank" rel="noopener noreferrer nofollow">saw</a> $101,000 in multiple cryptocurrencies vanish due to phishing.
Recent Chainalysis research <a href="https://crypto.news/approval-phishing-scams-a-much-bigger-problem-than-first-thought/" target="_blank" rel="noopener noreferrer nofollow">confirms</a> that since May 2021, approval attacks have accounted for an astonishing $2.7 billion in stolen assets. Previous <a href="https://crypto.news/over-46m-lost-to-crypto-phishing-in-february-social-media-impersonations-at-fault/" target="_blank" rel="noopener noreferrer nofollow">reports</a> also revealed that victims lost over $46 million to phishing attacks in February this year.
Read more: <a href="https://crypto.news/coingecko-warns-of-scammers-promoting-fake-gecko-airdrops/" rel="noopener noreferrer nofollow"> CoinGecko warns of scammers promoting fake GECKO airdrops </a>

Whale loses over $55m in DAI stablecoin to phishing attack

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