FacebookTwitterLinkedInTelegramCopy LinkEmail

GMX Whale Looses $3.4 Million to a Phishing Attack

GMX Whale Looses $3.4 Million to a Phishing Attack

A whale fell victim to a phishing attack and lost $3.4 million in GMX - a decentralized trading protocol token.

An administrator of the GMX group on Telegram confirmed the phishing incident and clarified that the incident had nothing to do with security issues on the platform itself.

When asked how they learned about the hacking attack, a moderator of the group said that the team had been in direct contact with the victim.

Blockchain records show that the attacker began withdrawing money from the victim’s wallet on Jan. 3. The attacker sent about $3.4 million worth of GMX to another address and exchanged it for Ethereum (ETH), according to PeckShield security analysts.

The stolen funds were then transferred to Ethereum’s main network to an address believed to belong to the hacker.

Such phishing attacks are becoming increasingly common in crypto. They pose a serious problem, as adding a single malicious signature can lead to the loss of all assets stored in the wallet.

What is a phishing attack?

This is when an attacker attempts to trick a victim into providing sensitive information, such as login credentials or financial information, by disguising themselves as trustworthy.

This is often done through email or social media, where the attacker will send a message that appears to be from a legitimate source, such as a bank or a government agency. In the email, the attacker will ask the victim to click on a link or enter personal information. The link may lead to a fake website that looks identical to the real one, designed to steal the victim’s information.

Andrey Kunev

Reporter at CoinsPress

Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.

Learn more about crypto and blockchain technology.