Cryptocurrency Mimcoin investors holding Gigachad (GIGA) tokens lost $6.09 million in a phishing attack involving fake Zoom meeting links.
On November 12, GIGA recorded an unusual price drop due to a massive selling event. Soon after, Still in the Game, a prominent pseudonymous GIGA investor, actively warned about hacker involvement.
“I want to be transparent. The big $GIGA sale today is because one of my wallets was drained by a fake Zoom link. It hurts a lot, but I’ll be back. I will always stay in the game.”
According to cryptocurrency research firm Scam Sniffer, victims clicked on a fake Zoom call invitation link and were redirected to a fraudulent website designed to collect sensitive wallet information.
source: scam sniffer
Phishing links install cryptographic malware on your computer.
According to Still in the Game, the phishing website installed malware on the laptop, which the hacker used to pool funds from three cryptocurrency wallets into one before cashing them out later.
Onchain analytics firm Onchain Lens discovered that hackers stole 95.3 million GIGA tokens worth $6.09 million from victims.
The hackers exchanged the stolen GIGA tokens for 11,759 Solana (SOL) worth $2.1 million, which they then converted to Tether (USDT) and USD Coin (USDC) stablecoins.
source: On-Chain Lens
The hacker moved the stablecoin to another wallet address, and an additional 700 SOL tokens were indirectly transferred to cryptocurrency exchange KuCoin.
Law enforcement gets involved in GIGA theft investigation
The victim said he engaged the Federal Bureau of Investigation and a forensics team to recover the stolen funds.
Despite the uncertainty of recovery, investors were optimistic about recouping their losses in an ongoing bull market. “I would take it all back. “Just watch me,” he added.
relevant: DeltaPrime was exploited for $4.8 million worth of ARB and AVAX tokens.
Following the recent downfall of Indian cryptocurrency exchange WazirX due to a $235 million hack, founder Nischal Shetty announced plans to explore building a separate decentralized exchange (DEX). He added:
“The best part is that you can self-manage your assets here. Your assets are completely under your control and you are free to trade or do whatever you want with them.”
The plan includes the possibility of launching a corresponding DEX token to pay fees and provide governance tools on the platform.
magazine: Real Yield Farming: How tokenization is changing lives in Africa.