Victim Loses $24.23 Million in Crypto Phishing Scam: How to protect yourself?

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Victim Loses $24.23 Million in Crypto Phishing Scam: How to protect yourself?

Who Was the Victim in the Recent Crypto Phishing Scam?

The victim, identified by the address 0x13…179e, is a seasoned player in the crypto space, with significant on-chain experience. This individual is a substantial liquidity provider (LP), offering more than $1.6 million in WBTC/USDT liquidity on Uniswap V3. The protocols they have used span a range of platforms, including Aave, 1inch, Curve, OMG, EOS, and more. The earliest transaction associated with this address (0xf8…1110) dates back to June 2017 and originated from Bitfinex.

What Exactly Happened in the $24.2M Phishing Scam?

In one of the potentially largest crypto phishing incidents to date, the victim lost approximately $24.23 million in stETH and rETH. This unfortunate event unfolded when the victim inadvertently granted token approval to the scammer by signing an “increaseAllowance” transaction. The scammers swiftly converted the stolen funds into ETH and DAI, subsequently transferring them across multiple addresses.

What Assets were Lost in the Phishing Scam?

The victim lost a significant amount of cryptos, approximately 4,851 rETH and 9,579.2 stETH. These assets were rapidly exchanged by the phisher for around 13,785 ETH and 1.64 million DAI. A chunk of the DAI converted, approximately 451K, has already been transferred into FixedFloat.

Guarding Yourself: Avoid Becoming a Victim of Token Approval Exploits

Want a surefire way to boost your wallet’s security and dodge those token approval exploits? Look no further than the Smart Contract Allowance Checker on It’s a nifty tool designed to help you manage those token approvals you’ve granted to smart contracts. Regular housekeeping is key here—stay on top of it and you’re doing your part to maintain your wallet’s safety. Keep your crypto secure and your peace of mind intact



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