A phishing assault on the Blast network resulted in the loss of approximately $35 million tokens by a crypto titan.
In a security incident that involved a phishing attack, a crypto titan lost 15,079 Few Wrapped Duo ETH (fwDETH), which is valued at approximately $35 million, according to security analysts.
A derivative of ETH issued by Duo, fwDETH is an encapsulated version of Duo ETH or DETH, a DeFi protocol on the Blast network.
The whale’s fraudulent “permit” signature was the cause of this incident, which resulted in the perpetrator draining funds from their address 0xEab2E.First noted is the crypto anti-scam solution Scam Sniffer (a393).
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PeckShield BlockSec, a security firm, verified the incident. “It appears that the perpetrator enticed the victim into signing a permit message offline, and subsequently exploited the signed permit message to withdraw the fwDETH token from the victim’s account,” stated Yajin (Andy) Zhou, co-founder of BlockSec, in an interview with The Block.
This exploit caused the user to lose a significant quantity of fwDETH and contributed to a rapid decrease in value as a consequence of the attacker’s sale. According to data from DexScreener, the value of DETH plummeted by over 90% from $2000 to $100 within hours of the incident before regaining its previous level of $1000 at the time of writing.
