Due to signing several phishing signatures, a MakerDAO governance delegate lost $11 million worth of Aave Ethereum (aEthMK) and Pendle USDe tokens in a phishing scam. Fraud The incident was discovered by Sniffer in the early hours of June 23. After clicking on several phishing links, the user became a victim of the fraud and lost all of their digital assets. 3,657 aEthMK tokens were transferred from the sending address: 0xfb94d3404c1d3d9d6f08f79e58041d5ea95accfa, to the recipient address, 0x739772254924a57428272f429bd55f30eb36bb96. The transaction was promptly verified in 11 seconds. A MakerDAO governance delegate was identified as the victim in the case by Arkham, according to a story by cryptocurrency reporter Colin Wu. In order for the MakerDAO system to operate smoothly and make decisions, the delegate is essential. Significant decisions within the Maker protocol are influenced by the votes cast by delegates on executive votes, governance polls, and governance proposals.
Proposals move from preliminary polls to final executive voting, with votes coming from Marker (MKR) holders and delegates. After a waiting period, if a proposal is accepted, it is incorporated into the Maker protocol and named the Governance Security Module (GSM). This module acts as a security precaution to avoid abrupt modifications to the protocol. It was revealed in December that cryptocurrency con artists were using “approval phishing” techniques more frequently to steal money.In a cryptocurrency fraud known as “approval phishing,” victims are duped into signing transactions that provide hackers access to their wallets and enable them to siphon off money. Although this isn’t new, scammers who pretend to be butcher pigs are using the approach more frequently, according to Chainalysis.
Phishing scams are a prevalent type of cybercrime when offenders pose as trustworthy organizations in an attempt to deceive victims into divulging personal information. In this instance, the user’s tokens were lost as a result of being duped into signing several Permit network phishing signatures. A Scam Sniffer report that was released earlier this year claims that in 2023 alone, phishing scams took $300 million from 320,000 individuals. A single victim lost $24.05 million as a result of phishing signatures, including Permit, Permit 2, Approve, and Increase Allowance, in one of the most serious examples detailed in the Scam Sniffer report.