According to blockchain security firm PeckShield, the compromised address lost over 237.8 billion OSAK tokens worth $66,682 from the Osaka protocol and 287 billion CAW tokens valued at $26,490.
Additionally, 213 HIGH tokens worth $938 and 426 USDT were stolen on the Ethereum network. Other assets taken include 3,000 USDC on the BNB Chain, as well as 0.5 PENDLE and 0.1 WBTC on Arbitrum. Despite these losses, the address still holds about $7,000 in crypto assets.
Exploiter’s Strategy
The attacker’s address retains the stolen assets, holding approximately $220,000 across various chains. The hackers exploited the victim by using a multi-call function, which allows multiple smart contract functions to be executed in a single transaction.
Hackers often trick users into signing transactions that seem legitimate but include malicious multi-call functions. This tactic enables the attacker to transfer funds or interact with contracts without the user’s consent, leading to the theft of assets.
Ongoing Threat of Phishing Scams
The crypto space has seen several phishing attacks this year, although the frequency has decreased. Recently, an unidentified market participant lost over $674,000 in USDC to a similar scam, highlighting the persistent threat of these fraudulent schemes.
Earlier this month, another phishing attack resulted in the loss of $145,000 worth of Bored Ape Yacht Club (BAYC) NFTs, where three BAYC NFTs were stolen.
In a similar incident in April 2024, a trader lost over $180,000 in USDC and Andy tokens. The attackers used the same multi-call tactic, bundling multiple function calls into a single transaction, which led to the victim’s assets being drained to wallets controlled by the hackers.
Summary Review: Phishing scams continue to pose a significant threat to cryptocurrency investors, resulting in substantial financial losses. This latest incident underscores the importance of vigilance and caution when interacting with smart contracts and signing transactions. The crypto community must remain aware of these tactics to protect their assets from malicious actors.
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.
