Massive phishing attack on crypto whale causes DETH to crash

A sophisticated phishing attack drains millions in crypto, affecting DETH liquidity and shaking up the DeFi ecosystem

A cryptocurrency “whale” investor has fallen victim to a phishing attack that resulted in the loss of $36 million worth of digital assets. The attack, which was linked to the infamous scam group Angel Drainer, has sparked concern in the DeFi space as it also led to the decoupling of DETH, an asset that should maintain a 1:1 peg with ETH.

What happened?

The incident came to light after security firm Scam Sniffer detected that the investor’s wallet had been emptied of 15,079 fwDETH, the equivalent of $36 million, due to a sophisticated phishing attack. According to data provided by Arkham Intelligence, the compromised wallet could be linked to venture capital firm Continue Capital, although the firm has yet to comment on the matter.

This attack was attributed to the Angel Drainer group, which specializes in offering a service known as “draining-as-a-service” (DAAS). This group provides phishing tools and platforms to scammers in exchange for a share of the stolen funds, as revealed by the founder of security firm SlowMist, Yu Xian.

The severity of phishing in the crypto ecosystem

Phishing scams are a constant threat to cryptocurrency users, with losses of $126 million reported in the third quarter of 2024 from attacks of this type alone. Phishing has proven to be an effective method for cybercriminals, who employ fake websites, compromised social media accounts, and other deceptive methods to steal digital assets. #ballenas #Ethereum #estafa #DeFi #Hacker $ETH