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.
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.