DeFi

Proxy

when

<h4><strong>The attack highlights significant security risks in the <a href="https://www.altcoinbuzz.io/?s=defi" target="_blank" rel="noopener">DeFi space</a> and underscores the need for heightened vigilance among Web3 users.</strong></h4> 
<p>The phishing incident unfolded when the attacker tricked the user into reassigning ownership of their DeFi Saver Proxy contract.</p> 
<h5><strong>Phishing Attack Drains $55M from DeFi Saver User</strong></h5> 
<p>According to a post from blockchain security firm Global Ledger on X, the attack involved a clever manipulation of smart contract functions. The victim, identified through Etherscan as having the smart contract wallet labeled “DSProxy #166,776,” was lured into interacting with a malicious web application.</p> 
<p>On August 20th, the victim <a href="https://etherscan.io/tx/0xb721c8d603d5cbac826d804b04fb4662952afe91af15cf2aa603d002d3410b87" target="_blank" rel="noopener">executed</a> a transaction to call the “Set Owner” function of their smart contract, inadvertently designating a phishing account as the new owner. This misstep likely resulted from the victim being deceived by the malicious app, which had tricked them into approving the transaction.</p> 
<p><img decoding="async" class="wp-image-149062 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/gfhjgukyuikiu-253x300.jpg" alt="" width="533" height="632" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/gfhjgukyuikiu-253x300.jpg 253w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/gfhjgukyuikiu-354x420.jpg 354w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/gfhjgukyuikiu.jpg 392w" sizes="(max-width: 533px) 100vw, 533px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/GlobalLedger/status/1826211666746372367" target="_blank" rel="noopener">X</a></strong></h6> 
<p>Following the ownership change, the attacker promptly reassigned the contract’s ownership and drained the wallet of its entire balance of <a href="https://www.coingecko.com/en/coins/dai" target="_blank" rel="noopener">DAI</a>. Blockchain data <a href="https://etherscan.io/tx/0xf70042bf3ae7c22f0680f8afa078c38989ed475dfbe5c8d8f30a50d4d2f45dc4" target="_blank" rel="noopener">shows</a> the stolen DAI came from a null address. This indicates the attacker minted it using the victim’s collateral.</p> 
<h5><strong>More About the DeFi Saver Phishing Attack</strong></h5> 
<p>The $55 million loss highlights the vulnerabilities in decentralized finance and the need for cautious transaction practices. DeFi protocols offer innovative solutions but can also be vulnerable to sophisticated attacks exploiting user trust and procedural weaknesses.</p> 
<p><img decoding="async" class="wp-image-149064 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/vcxfgghjhkji-300x275.png" alt="" width="528" height="484" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/vcxfgghjhkji-300x275.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/vcxfgghjhkji.png 392w" sizes="(max-width: 528px) 100vw, 528px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/GlobalLedger/status/1826211670118609346" target="_blank" rel="noopener">X</a></strong></h6> 
<div class="flex-shrink-0 flex flex-col relative items-end"> 
 <div> 
  <div class="pt-0"> 
   <div class="gizmo-bot-avatar flex h-8 w-8 items-center justify-center overflow-hidden rounded-full"> 
    <div class="relative p-1 rounded-sm flex items-center justify-center bg-token-main-surface-primary text-token-text-primary h-8 w-8"></div> 
   </div> 
  </div> 
 </div> 
</div> 
<div class="group/conversation-turn relative flex w-full min-w-0 flex-col agent-turn"> 
 <div class="flex-col gap-1 md:gap-3"> 
  <div class="flex max-w-full flex-col flex-grow"> 
   <div class="min-h-[20px] text-message flex w-full flex-col items-end gap-2 break-words [.text-message+&amp;]:mt-5 overflow-x-auto whitespace-normal" dir="auto" data-message-author-role="assistant" data-message-id="2f882962-5c92-40ef-84d3-2fce9c51df3d"> 
    <div class="flex w-full flex-col gap-1 empty:hidden first:pt-[3px]"> 
     <div class="markdown prose w-full break-words dark:prose-invert light"> 
      <p>To protect against similar attacks, Web3 users should meticulously verify contract addresses before executing transactions. Reputable protocols list official contract addresses in their documentation; cross-referencing these can help prevent phishing. However, it is crucial to note that while such precautions can reduce risk, no security measure is entirely infallible.</p> 
     </div> 
    </div> 
   </div> 
  </div> 
 </div> 
</div> 
<p><a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg"></a></p> 
<div class="youtube-embed" data-video_id="kgsa5Zk7o1o">
 <iframe title="Why is this week Massive for Crypto AI Altcoins" width="696" height="392" src="https://www.youtube.com/embed/kgsa5Zk7o1o?feature=oembed&amp;enablejsapi=1" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div> 
<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/55m-dai-stolen-in-defi-saver-phishing-attack/">$55M DAI Stolen in DeFi Saver Phishing Attack</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

$55M DAI Stolen in DeFi Saver Phishing Attack

Altcoin Buzz

Other articles published on Aug 27, 2024

Semler Scientific Increases Bitcoin Investment, Reflecting Institutional Confidence

5 Benefits of Using Altcoins in Crypto Casinos

Toncoin Price Prediction: TON Price Drops 4% After UAE Demands For Pavel Durov Access As Experts ...

Base Hits 1M Daily Active Addresses as ‘Basenames’ Surge

Nasdaq Seeks Regulatory Approval to Launch Bitcoin Index Options

Crypto market bounces; biggest performers: XRP, Cardano, DTX Exchange

Join our free newsletter for daily crypto updates!