đ¨ MAKERDAO DELEGATE LOSES $11M IN PHISHING SCAM đ¨
đĽ Massive Loss: A MakerDAO governance delegate has fallen victim to a phishing scam, resulting in the theft of $11 million worth of Aave Ethereum Maker (aEthMKR) and Pendle USDe tokens. The incident occurred due to the delegate signing multiple phishing signatures.
đľ Scam Detection: The scam was identified by Scam Sniffer in the early hours of June 23. The delegate, a key player in the MakerDAO ecosystem, was exploited after unknowingly authorizing malicious transactions, which led to the loss of their digital assets.
đ Transfer Details: The sender address â0xfb94d3404c1d3d9d6f08f79e58041d5ea95accfaâ moved 3,657 aEthMKR tokens to the recipient address â0x739772254924a57428272f429bd55f30eb36bb96,â with the transaction confirmed in just 11 seconds.
đ Critical Role: The victim was identified by Arkham as a MakerDAO governance delegate. Delegates play a vital role in MakerDAO's decision-making processes, voting on governance proposals, polls, and executive votes, which influence significant decisions within the Maker protocol.
đł Governance Process: In MakerDAO, tokenholders and delegates vote to decide on proposals that progress from initial polls to final executive votes. Once approved, proposals are implemented after a waiting period known as the Governance Security Module (GSM), ensuring security against sudden changes.
â Rising Phishing Scams: Phishing scams are becoming increasingly common in the crypto space. These scams involve tricking victims into signing transactions that grant scammers access to their wallets, allowing them to drain funds.
đ Alarming Statistics: According to a Scam Sniffer report from early 2024, phishing scams drained $300 million from 320,000 users in 2023 alone.
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