FacebookTwitterLinkedInTelegramCopy LinkEmail
Crime and Investigations

Millionaire Investor Loses $24M to Crafty Crypto Scammers

Millionaire Investor Loses $24M to Crafty Crypto Scammers

The cryptocurrency landscape remains fraught with risks, including scams and security breaches.

In a recent incident, a crypto investor lost over $24 million to a sophisticated phishing scam. The victim was a major liquidity provider on the Uniswap DEX, active in various DeFi protocols and blockchain networks.

This scam unfolded when the victim unwittingly granted the scammer access to their tokens via “increaseAllowance” transactions, resulting in the theft of $24.23 million in stETH and rETH. The scammer’s address was linked to ten phishing sites.

Blockchain security firm Peckshield confirmed that the stolen assets were converted into 13,785 ETH and 1.64 million DAI. Some of the funds were sent to FixedFloat, a platform known for token swaps at fixed rates.

READ MORE: IMF and FSB Release Global Crypto Regulations

In another incident, the crypto casino Stake experienced a hack, resulting in a $40 million loss.

The attacker converted 3.376 million MATIC into 72.29 BTC and sent 800,000 MATIC to newly created wallets. The attacker currently holds 10.1 million MATIC and 72.29 BTC on the Polygon network.

Hacks and scams continue to plague the digital asset industry, with Q2 2023 seeing losses of over $313 million, according to a Certik security report.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

Learn more about crypto and blockchain technology.