Hacker Sold MKR Tokens After Phishing Attack to Obtain $11.1 Million Worth of Ethereum

A recent significant phishing attack caused one user to lose $11.1 million worth of cryptocurrency, highlighting the increasing threats in the crypto world.

This incident shows that cybercriminals are becoming increasingly adept at exploiting vulnerabilities and that security measures need to be increased.

According to Lookonchain, the attacker stole 3,657 MKR tokens ($8.7 million) and 2.56 million PT Ethena tokens ($2.4 million) from the victim.

Massive Phishing Attack Led to Huge Crypto Losses

In a horrifying incident for the crypto community, a user recently fell victim to a phishing attack and suffered a massive loss of $11.1 million. This scenario highlights the constant and evolving threats faced by cryptocurrency investors. Using a complex phishing scheme, the attacker managed to gain access to the user's wallet and stole a significant amount of MKR and PT Ethena tokens.

Attacker's Strategy: Transformation of Stolen Assets

The attacker didn't just steal the tokens; It also converted the stolen MKR and PT Ethena tokens into Ethereum, further compounding the damage. Specifically, the attacker sold 3,657 MKR tokens for 2,502 ETH ($8.7 million) and exchanged 2.56 million PT Ethena tokens for 689 ETH ($2.41 million). This conversion generated significant gains for the attacker, but also caused the MKR token price to drop 7%, impacting the market and other investors.

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