A MakerDAO governance representative lost $11 million worth of Aave Ethereum Maker (aEthMKR) and Pendle USDe tokens in a phishing scam after signing multiple petitions.
Scam Sniffer was detected The incident occurred in the early hours of June 23. After making multiple signatures, users fell victim to a phishing scam and lost their digital assets.
Key players in the MakerDAO system are being exploited
The sender address “0xfb94d3404c1d3d9d6f08f79e58041d5ea95accfa” transferred 3,657 aEthMKR tokens to the recipient address “0x739772254924a57428272f429bd55f30eb36bb96” and the transaction was confirmed within 11 seconds.
Woo Blockchain report Arcam found that the victims in this incident were MakerDAO governance representatives, who play a key role in the MakerDAO system and contribute to the decision-making process.
Delegates are responsible for voting on governance proposals, votes, and executive votes, influencing important decisions within the Maker Protocol.
Typically, Marker DAO (MKR) token holders and delegates vote to decide on proposals, progressing from an initial vote to a final execution vote.
If a proposal is approved, it is implemented into the Maker Protocol after a waiting period called a Governance Security Module (GSM), which acts as a security measure to prevent sudden changes to the protocol.
Phishing scams on the rise
In December 2023, Cointelegraph reported that crypto scammers were increasingly using “confirmation phishing” techniques to steal funds.
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Confirmation phishing is a crypto scam that tricks victims into signing a transaction so the scammers can access their wallet and drain their funds. It’s not new, but Chainalysis says the technique is now being used more frequently by scammers looking to slaughter pigs.
Phishing is a common cybercrime in which criminals pose as reputable organizations to trick individuals into providing sensitive data. In this case, the user was tricked into signing multiple authorization network phishing signatures and losing their tokens.
According to a Scam Sniffer report published in early 2024, phishing scams led to the theft of $300 million from 320,000 users in 2023 alone.
In the most severe case in the Scam Sniffer report, one victim lost $24.05 million due to phishing signatures such as permit, permit 2, approve, and increase allowance.
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