- Crypto whale lost $35 million in fwDETH on Blast network due to phishing permission attack.
- The attacker spent 15,079 fwDETH, causing the price to drop from $2,000 to $100.
- The incident raised security concerns in DeFi and influenced the Blast network investigation.
Crypto whales recently lost about $35 million worth of Few Wrapped Duo ETH (FwDETH) tokens in a massive phishing attack on the Blast network.
The attack, first reported by Scam Sniffer and later confirmed by security firms PeckShield and BlockSec, occurred after victims unknowingly signed fraudulent “permission” signatures, which allowed the attackers to drain funds from their wallets.
What is Few Wrapped Duo ETH (fwDETH)?
Few Wrapped Duo ETH (fwDETH) is a wrapped version of Duo ETH (DETH), a derivative of Ethereum (ETH) issued by Duo, a decentralized finance (DeFi) protocol running on the Blast network.
A total of 15,079 fwDETH stolen tokens have a wallet address of 0xEab2E… This represents a significant loss for the whale identified as a393.
How was the phishing attack against Blast organized?
Security experts noted that the phishing attack was carried out by tricking the whales into signing offline “permission” messages commonly used in DeFi transactions to authorize token transfers without using their private keys directly.
According to BlockSec co-founder Yajin (Andy) Zhou, the attackers exploited the signed permission message to steal fwDETH tokens from the victims’ accounts.
This incident had an immediate impact not only on whales but also on the price of DETH.
Within hours of the attack, DETH price plummeted more than 38% from $3,482 to $2,150 as the attackers liquidated the stolen tokens.
The price of fwDETH also fell by more than 90%, from $2,000 to $100. Although the token price later stabilized and partially recovered to $1,000, the sharp drop sent shockwaves through the Blast network and the wider cryptocurrency community.
This phishing attack highlights the ongoing security risks facing cryptocurrency investors, especially those holding large amounts of digital assets.
The Blast network and its associated protocols may now come under greater scrutiny as a result of the incident.