A memecoin collector and X user known as Tech on Ivan recently fell victim to a phishing attack, losing over 1 million TURBO tokens, valued at more than $3,600. Ivan shared his experience in a post on July 11, expressing his devastation over the loss.
The incident began when Ivan received a phishing email with a malicious link. Although he didn’t detail the exact sequence of events, it appears that clicking the link redirected him to a harmful web app linked to a drainer protocol.
Blockchain records reveal two wallet-draining transactions targeting Ivan. The first transfer siphoned 863,926 TURBO tokens (worth $3,113.45) to an address ending in Aece. The second transfer moved 152,458 TURBO tokens (worth $549) to a known phishing address identified by Etherscan as “FakePhishing 328927.”
The discrepancy in the amounts suggests that the “FakePhishing” address belongs to the drainer software developer, who likely takes a small cut of the stolen assets as a fee. The larger amount sent to the Aece address is presumably controlled by the scammer.
Ivan had previously authorized a smart contract, unknowingly giving an unverified contract address ending in 1F78 the permission to spend a large number of his tokens. This malicious contract was later exploited to drain his funds.
Due to this prior authorization, the Turbo contract identified the malicious contract as legitimate, allowing the attack to proceed unchecked. Ivan admitted he was unaware he was granting access to a malicious entity.
The malicious contract is only visible as unreadable bytecode on Etherscan, making its functions indecipherable to users.
Phishing attacks involve scammers pretending to be trustworthy sources to trick victims into revealing private information or performing harmful actions. In this case, the scam tricked Ivan into authorizing an app that ultimately stole his tokens.
To protect themselves, crypto users should be cautious about which Web3 apps they authorize, thoroughly inspecting each wallet confirmation before approving transactions. Avoiding token authorizations for unverified or suspicious apps is crucial.
While many wallet apps attempt to alert users of potential phishing sites, these warning systems are not foolproof and may sometimes block legitimate sites as well.
Summary Review: The unfortunate experience of Tech on Ivan serves as a crucial reminder for cryptocurrency users about the ever–present risks of phishing attacks. Despite the sophisticated nature of blockchain technology, human error and deception can still lead to significant financial losses. This incident highlights the importance of vigilance and due diligence when interacting with Web3 apps and approving transactions. Users should carefully inspect each wallet confirmation and avoid granting token authorizations to unverified or suspicious apps. Additionally, relying solely on wallet app warnings is not sufficient; a thorough understanding of potential threats and a cautious approach are essential for safeguarding digital assets in the cryptocurrency ecosystem.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
