Crypto-Whale loses $55 million

A Crypto-Whale has suffered greatly. More than $55 million were stolen from him in a hack. How this could have happened.

A phishing attack cost a Crypto-Whale a fortune: more than $55 million in the stablecoin DAI. Evidently, he was targeted by a fake website misled. Through this website, the hacker gained access to the assets. According to the blockchain analysis company Lookonchain the Whale "imprudently approved an unknown transaction," "which moved the owner of its 55.47 million DAI in Maker to the phishing address '0x0000db5c...41e70000.'"

"When he later tried to withdraw the 55.47 million DAI, the transaction failed due to the change of ownership." Meanwhile, the crypto hacker already has 27.5 million DAI redeemed for 10,625 Ether (ETH).

The analysis company strongly warns crypto users, "When signing a transaction, always verify it before clicking 'Confirm' and do not sign unknown transactions." The security firm CertiK identified the phishing technique used as "Inferno Drainer," a particularly malicious form of smart-contract exploit. This involves manipulating transaction authorities to divert cryptocurrencies.

This recent incident underscores the danger of crypto-crime. According to CertiK, total losses in July alone totaled about $270.9 million.