• Sat. Jul 13th, 2024

Crypto Whale Loses Millions In Phishing Attack; Security Fears Intensify

Steve Kornacki

BySteve Kornacki

Feb 5, 2024
Crypto Whale Loses Millions In Phishing Attack; Security Fears Intensify

Millions Lost In Latest stETH Theft

A major crypto whale has become the latest victim of a sophisticated phishing attack, losing millions of dollars worth of stETH. Data published by PeckShieldAlert indicate that the anonymous whale lost almost a quarter of a million USD worth of stETH to hackers.

The targeted wallet was subject to a sophisticated phishing scheme, resulting in the loss of 102.37 stETH, equivalent to $236K. The attack highlights the vulnerabilities inherent in crypto, where cybercriminals continually exploit unsuspecting users for financial gain.

This incident follows similar high-profile attacks, including a loss of $4.42 million of LINK suffered by another whale in late December. The unsuspecting victim, who had amassed 275,700 LINK tokens between June 2022 and October 2023, inadvertently clicked on a phishing link, approving a transaction that wiped out their entire crypto holdings.

Rising Concerns Over Phishing Attacks

Phishing attacks have emerged as a favored tactic among cybercriminals. A Chainalysis report revealed that since 2021, these scams have led to the theft of over $1 billion worth of cryptocurrencies from unsuspecting users.

In 2022 alone, losses from phishing attacks surpassed half a billion USD, underscoring the pervasive threat posed by malicious actors within the crypto ecosystem. In late fall of 2023, the total cryptocurrencies stolen through phishing attacks was roughly $374.6 million, as countless holders fell prey to phishing scam tactics from malicious actors.

Despite heightened awareness and increased security measures, the prevalence of phishing scams continues to escalate, posing a significant challenge to the industry’s efforts to safeguard user funds.

Hacker Threatens Binance, Coinbase, And Discord Users With Data Breach

Meanwhile, a hacker claimed access to a law enforcement request system called “KodexGlobal.” This system purportedly allows the hacker to issue emergency data requests (EDRs) to users of prominent platforms, including Coinbase, Binance, and Chainlink, and compromise their privacy and security.

The revelation came to light through a recent blog update from cybersecurity firm Hudson Rock. The firm reported the hacker’s attempt to sell access to the KodexGlobal account on BreachForums. The report states that the hacker offers access for $5,000 or $300 per EDR. However, a spokesperson from Binance clarified that the findings do not indicate a breach of Binance’s systems.

Binance Denies Exposure Of User Data

Meanwhile, Binance has denied reports of a “highly sensitive” cache housing internal passwords and code being exposed on GitHub for months. The firm reassured users that their accounts remain secure, as they have multiple layers of defense, including biometrics and multi-factor authentication.

As the cryptocurrency and social media industries grapple with cybersecurity challenges, users must remain vigilant and adopt proactive security measures to protect their personal information and assets. This includes regularly updating passwords and staying informed about emerging threats in the digital landscape.

Steve Kornacki

Steve Kornacki

Steve Kornacki, a respected author at Big Trends Signals, uses his deep online trading acumen to create comprehensive guides and balanced reviews, empowering traders in their digital pursuits.

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