MakerDAO Loses $11.1 Million in Crypto Assets Due to Phishing Scam

Bittime - Phishing attacks using AI are growing, increasing the possibility of crypto asset theft. This resulted in MakerDAO losing $11.1 Million, as well as a 7% drop in MKR price.

MakerDAO Hurts Due to Phishing Scam

According to on-chain data, the attacker exchanged 3,657 MKR for 2,502 ETH and 2.56 million USDe for 689 ETH. This dropped the price of MKR by about 7% to $2,271, continuing a price trend that has seen the asset's price fall 17% in the past month. MakerDAO Loses $11.1 Million in Crypto Assets Due to Phishing Scam

Arkham Intelligence data found that the phishing victims were MakerDAO delegates. Delegates are critical to the Maker protocol because they are responsible for casting their votes on important proposals that greatly impact its operations.

Phishing Scams Continue to Grow Rapidly

One of the most common threats in the crypto world is phishing scams, which allow attackers to pose as legitimate entities to steal sensitive data that victims use to access their crypto wallets. Hackers often use crypto dumping on these phishing sites. These deductions trick the unwary into allowing potentially detrimental transactions.

Phishing Attacks Are Becoming More Sophisticated

These phishing attacks have become more sophisticated in the last year. Blockchain analytics firm Elliptic recently warned that fraudsters are using AI to create phishing websites that look more like the real thing, which makes it easier to steal crypto assets.

As a result, market analysts have advised crypto users to be wary of suspicious activity and diligently verify the identity of any entity they engage with.

Conclusion

As happened recently with MakerDAO, phishing scams are still a huge threat to the crypto industry. MakerDAO delegates, who were instrumental in voting on important proposals in the Maker protocol, fell victim to phishing in this event, as the attackers managed to exchange large amounts of MKR and USDe, causing the price of MKR to fall by approximately 7%.

More sophisticated phishing attacks, such as the use of artificial intelligence, have increased the likelihood of crypto asset theft. Therefore, crypto users must be more alert to suspicious activity and always confirm the identity of the entities they interact with to avoid losses due to phishing attacks.

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