{"id":82197,"date":"2024-06-23T10:23:05","date_gmt":"2024-06-23T14:23:05","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=82197"},"modified":"2024-06-23T10:28:07","modified_gmt":"2024-06-23T14:28:07","slug":"makerdao-delegate-loses-11m-in-tokens-to-phishing-scam","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/makerdao-delegate-loses-11m-in-tokens-to-phishing-scam\/","title":{"rendered":"MakerDAO Delegate Loses $11M in Tokens to Phishing Scam"},"content":{"rendered":"\n

After signing several phishing signatures, the user fell\u00a0victim of the scam and lost their digital assets<\/a>.<\/p>\n\n\n\n

\"MakerDAO<\/figure>\n\n\n\n

A MakerDAO governance delegate lost $11 million in Aave Ethereum (aEthMK) and Pendle USDe tokens as a result of several phishing signatures.<\/p>\n\n\n\n

However, in the early hours of June 23, the Scam Sniffer identified the incident.<\/p>\n\n\n\n

The user fell prey to the phishing fraud\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> after signing several phishing signatures, resulting in the loss of their digital assets.<\/p>\n\n\n\n

The loss<\/h2>\n\n\n\n

The sender address, 0xfb94d3404c1d3d9d6f08f79e58041d5ea95accfa, transferred 3,657 aEthMK tokens to the recipient address, 0x739772254924a57428272f429bd55f30eb36bb96, and the transaction was confirmed within 11 seconds.<\/p>\n\n\n\n

According to crypto reporter Colin Wu, Arkham determined that the victim in the case was a MakerDAO governance delegate.<\/p>\n\n\n\n

The delegate is a critical component of the MakerDAO system<\/a>, contributing to its efficient operation and decision-making procedures.<\/p>\n\n\n\n

Meanwhile, delegates are accountable for voting on governance proposals, governance surveys, and executive votes, which significantly impact decisions within the Maker protocol.<\/p>\n\n\n\n

Marker (MKR) holders and delegates typically vote to determine proposals, which progress from initial polls to final executive votes.<\/p>\n\n\n\n

\"MakerDAO
Source:\u00a0\u00a0Scam Sniffer<\/use><\/svg><\/span><\/a><\/em><\/figcaption><\/figure>\n\n\n\n

If a proposal is approved, it is incorporated into the Maker protocol after a waiting period known as the Governance Security Module (GSM), which serves as a security precaution to avoid abrupt protocol modifications.<\/p>\n\n\n\n

Phishing Scams<\/h2>\n\n\n\n

Cointelegraph reported in December that crypto scammers were progressively employing “approval phishing” tactics to steal funds.<\/p>\n\n\n\n

Approval phishing is a crypto scam in which criminals entice victims to sign transactions that grant them access to their wallets, thereby enabling them to withdraw funds.<\/p>\n\n\n\n

While the tactic is not new, Chainalysis reports that pig-butchering scammers are using it more frequently.<\/p>\n\n\n\n

Phishing scams are a common form of cybercrime<\/a> in which perpetrators deceive individuals into providing sensitive data by posing as reputable entities.<\/p>\n\n\n\n

The user was duped into signing numerous fraudulent signatures for the Permit network in this instance, resulting in the loss of their tokens.<\/p>\n\n\n\n

Phishing scams sucked $300 million from 320,000 users in 2023, according to a Scam Sniffer report that was published earlier in the year.<\/p>\n\n\n\n

Among the most severe cases in the Scam Sniffer study, a single victim lost $24.05 million as a result of phishing signatures like Permit, Permit 2, Approve, and Increase Allowance.<\/p>\n","protected":false},"excerpt":{"rendered":"

After signing several phishing signatures, the user fell\u00a0victim of the scam and lost their digital assets. A MakerDAO governance delegate lost $11 million in Aave Ethereum (aEthMK) and Pendle USDe tokens as a result of several phishing signatures. However, in the early hours of June 23, the Scam Sniffer identified the incident. The user fell […]<\/p>\n","protected":false},"author":56,"featured_media":82202,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[197,1661,11878,12490,870,591],"class_list":["post-82197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-defi","tag-makerdao","tag-phishing-2","tag-scams-2","tag-technology","tag-tokens"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/06\/MakerDAO-Delegate-Loses-11M-in-Tokens-to-Phishing-Scam.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/82197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=82197"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/82197\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/82202"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=82197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=82197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=82197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}