Whale loses $32 million due to click on wrong link

A prominent whale has fallen victim to a phishing attack. These types of attacks are now the most common and costly form of fraud.

A crypto-whale lost US$32 million after he accidentally approved a fake transaction. He tried to send an Ethereum derivative through a DeFi platform, but the transaction turned out to be a phishing link.

According to Arkham Intelligence, the wallet in question belongs to Shixing Mao, also known as Discus Fish, co-founder of two DeFi protocols. He has since offered a 20 percent reward to anyone who helps him recover his money.

Phishing scams work by sending users fake links or malicious transactions that look legitimate. Clicking on them installs viruses or empties wallets.

According to ScamSniffer some US$173 million was already lost to phishing scams in the first quarter of 2024, and this amount continues to rise. Blockchain analysis company PeckShield reports that hackers captured about US$293 million via phishing in August 2024 alone. In one of these attacks, a victim even lost US$92 million.