Updated: October 11, 2024, 6:33 AM EDT
Security analysts reported a security incident involving a phishing attack in which the cryptocurrency whale lost about $35 million worth of FwDETH (15,079 Few Wrapped Duo ETH).
fwDETH is a wrapped version of Duo ETH or DETH, a derivative of ETH issued by Duo, a DeFi protocol on the Blast network.
The incident occurred due to Whale’s fraudulent “permission” signature, which allowed the attacker to access his address 0xEab2E… The withdrawal of funds from a393 was first noted by Scam Sniffer, a cryptocurrency fraud prevention solution.
Security company PeckShield BlockSec confirmed the incident. “It appears that the attacker lured the victim into signing a permission message offline and then used the signed permission message to steal fwDETH tokens from the victim’s account,” Yajin (Andy) Zhou, co-founder of BlockSec, told The Block. .
This exploit caused users to lose a significant amount of fwDETH, which saw its value decline rapidly due to the attacker’s selling. According to data from DexScreener, in the hours following the incident, the value of DETH fell by more than 90%, from $2,000 to $100, before recovering to $1,000 at the time of this writing.
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