MakerDAO delegate loses $11M in Aave Ethereum and Pendle USDe tokens to phishing scam involving multiple fraudulent signatures detected by Scam Sniffer on June 23.
A governance delegate of MakerDAO has lost $11 million in Aave Ethereum (aEthMK) and Pendle USDe tokens as a result of signing multiple phishing signatures in a phishing scheme.
Swindle The incident was detected by the sniffer in the early hours of June 23. The user’s digital assets were lost as a result of the phishing scheme, which was perpetrated after they signed numerous phishing signatures.
0xfb94d3404c1d3d9d6f08f79e58041d5ea95accfa, the originating address, transferred 3,657 aEthMK tokens to the recipient address 0x739772254924a57428272f429bd55f30eb36bb96. The transaction was confirmed within 11 seconds.
Arkham discovered that the victim in the case was a MakerDAO governance delegate, according to crypto correspondent Colin Wu.
The delegate is a critical component of the MakerDAO system, contributing to its efficient operation and decision-making procedures.
Delegates are accountable for voting on governance proposals, governance surveys, and executive votes, which significantly impact decisions within the Maker protocol.
Typically, proposals are decided by Marker (MKR) holders and delegates through voting, which progresses from initial surveys to final executive votes.
The Governance Security Module (GSM) is a security measure that is implemented into the Maker protocol after a waiting period if a proposition is approved. Its purpose is to prevent sudden changes to the protocol.
Approval phishing is a cryptocurrency scam in which criminals entice victims to sign transactions that grant them access to their wallets, thereby enabling them to withdraw funds.
Chainalysis stated that the technique is now being employed more frequently by pig-butchering scammers, despite the fact that it is not a novel concept.
Phishing schemes are a prevalent form of cybercrime in which perpetrators deceive individuals into providing sensitive data by posing as reputable entities.
The user was deceived into signing numerous fraudulent signatures for the Permit network in this instance, resulting in the loss of their tokens.
Phishing schemes sucked $300 million from 320,000 users in 2023, according to a Scam Sniffer report that was published earlier in the year.
A single victim lost $24.05 million as a result of phishing signatures such as Permit, Permit 2, Approve, and Increase Allowance, which were among the most grievous cases in the Scam Sniffer report.
