Phishing assault causes $3.4 million in GMX token losses for a DeFi user
A DeFi user apparently lost $3.4 million worth of GMX tokens in a phishing assault. According to security specialists, a malicious actor deceived the user into authorizing a fraud claim.
A DeFi user fell prey to a phishing attempt and lost $3.4 million in GMX, the native currency of the decentralized trading system GMX. The tokens were then traded on the market.
A moderator of GMX’s Telegram channel acknowledged the phishing event and clarified that it was unrelated to any security vulnerabilities on the GMX platform. When questioned how they knew for certain that a hack had happened, a group moderator said that the team was in direct communication with the victim.
On-chain statistics indicate that the attacker began withdrawing cash from the victim’s wallet on January 3 at 7:00 pm UTC. The attacker delivered GMX worth around $3.4 million to another account and exchanged them for ether, according to security specialists at PeckShield. These stolen assets were reportedly bridged onto the Ethereum mainnet at an address thought to be under the hacker’s control.
These phishing assaults are getting more prevalent in the crypto world. Signing a single fraudulent signature may result in the loss of every asset held in a wallet. In a phishing assault earlier today, a hacker stole over $175,000 in NFTs from the chief operating officer of RTFKT, Nikhil Gopalani, while another crypto user lost four CryptoPunk NFTs valued at more than $330,000.
Also Read: Cardano Founder’s Views On NFT Raise Significant Controversy