- Fraudster stole $55.47 million in DAI stablecoin
- The victim lost the wallet by mistakenly carrying out a "SetOwner" transaction,
- The attack was carried out using the Inferno Drainer cryptocurrency wallet-draining kit
A crypto trader has lost $55.47 million in DAI stablecoin to fraudsters via a phishing attack. This is according to the blockchain security platform Scam Sniffer.
In a post on X, the anti-scam firm said the trader lost the asset after they misappropriatedly transferred ownership of their collateralized debt position (CDP) on DeFi Saver Proxy—a proxy contract created by the DAI stablecoin's issuer to help traders manage their collateralized debt positions (CDPs)—to a malicious wallet.
Scam Sniffer revealed that by inadvertently carrying out a "SetOwner" transaction, the victim, identified as "0xf2B8," transferred ownership of their DeFi Saver Proxy contract to a phishing address. After transferring ownership of the DeFi Saver Proxy, the victim tried to complete the transaction, but it failed.
Source: Scam Sniffer
Subsequently, the fraudster moved the asset to a different address and removed all $55.47 million in DAI from the victim's account.
Reacting to the post, Yu Xian, the founder of blockchain security firm SlowMist, said the fraudster carried out the attack using the infamous Inferno Drainer cryptocurrency wallet-draining kit.
“This is crazy. 55.47 million DAI were swindled by Inferno Drainer. After analyzing with Scam Sniffer, it seems that the owner of its DSProxy contract was set (SetOwner) to a phishing-related wallet address,” he posted.
Source: Scam Sniffer
Lookonchain, a blockchain analytical platform, said that, at the time of this writing, the fraudster had exchanged most of the assets for ETH. “The attacker has exchanged 27.5M $DAI for 10,625 $ETH currently.”
How to avoid crypto scams
- Do not give out passphrases or private keys: These sets of words hold the key to your cryptocurrency assets. With them, anyone can have access to your assets. Store them carefully offline, preferably in a hardware wallet.
- Watch that URL carefully before visiting the website. Scammers create fake websites that look like legit ones. Watch the URL carefully.
- Avoid projects that promise a lot of money in a short time.
- Be careful when you see "celebrities" in your DM. Most real celebrities will not contact you. That person in your DM is probably a scammer who wants your crypto assets.
- Do not share your personal details: No matter how hard they try, do not disclose your personal details. Do not type them in and do not submit them. For highly sophisticated scammers, typing in your details or passphrases in a provided box is enough for them.
Ghana sets new rules for crypto exchanges
Meanwhile, TheRadar earlier reported that the Bank of Ghana (BoG) has unveiled proposed new regulations for cryptocurrencies, crypto exchanges and other digital assets in the country.
The bank announced the new draft on August 16, stating that it was open to receiving feedback from the public, industry stakeholders and crypto enthusiasts to fine-tune it before unveiling the entire regulation.
The draft came after the bank spent about three years reviewing Bitcoin, stablecoin USDT and other cryptocurrencies.
