News - Ethereum whale loses $24 million in eight hours

By Mike Hesp

Ethereum whale loses $24 million in eight hours

Ethereum (ETH)
Scams, crime and fraud
Wallets and Whales

The whale was a liquidity provider for decentralized exchanges. He held the lost assets in Ethereum.

A whale loses US$24 million in Ethereum in just eight hours. This is reported by the Scam Sniffer platform at X (formerly Twitter).

The cause: a phishing scam. The whale was a liquidity provider on several decentralized exchanges such as Uniswap.

According to Scam Sniffer, he gave the attacker an authorization that allowed him to transfer the crypto assets.

Scam Sniffer describes itself as a "Web3 anti-scam platform" that tracks scams in real time.

In phishing attacks, fraudsters try to steal confidential information, such as passwords, private data or private keys.

In doing so, they somehow pretend to be a renowned project, a confidential private individual or a public figure.

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