Blockchain data have been showing how a big cryptocurrency whale fell victim to a phishing scam on September 6, resulting in losing of $24.23 million in liquid staked Ethereum. While the identity of the victim is unknown, their transaction history suggests that they are an experienced liquidity provider with a significant on-chain track record. This wallet has been active since 2017 and is responsible for enabling more than $1.6 million in liquidity for the WBTC/USDT pair on the Uniswap platform, for example.
According to a security report, it was seen that the crypto whale granted token approval to the scammers by executing an "increase Allowance" transaction. This unwitting action served as the hackers' entry point to get hold of the victims assets. The scammers have already been seen spreading the stolen assets between addresses and sending a lot of it to the Fixed Float exchange. It also seems like this is not the first time around that these wallets have been involved in scams.
The big increase in phishing scams on X has raised significant concerns within the cryptocurrency community. This community has been witnessing a surge in verified paid bots exploiting the social media platform for their fraudulent reasons. Stay safe!
