Whale Loses $36M in Phishing Attack, Hacker Dump Causes 85% Value Crash
A whale, suspected to be Continue Fund, has suffered a massive loss of 15,079 fwDETH (worth $35.98M) due to a phishing attack that occurred 6.5 hours ago.
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What Happened:
The attack targeted fwDETH, which can be acquired by depositing ETH on the Duo Exchange at a 1:1 ratio. Since there's no redemption mechanism in place, the hacker rushed to dump the stolen fwDETH for ETH on a decentralized exchange (DEX). However, due to limited liquidity in the fwDETH pool, the hacker only managed to exchange 14,079 fwDETH for a mere 2,288 ETH, slashing the value of the stolen assets by 85%, from $35.98M to just $5.5M.
How It Happened:
The whale unknowingly signed a "permit" phishing signature, granting the attacker access to the funds. To avoid similar phishing traps, users should always avoid clicking suspicious links or signing unfamiliar transactions. Double-check every signature request before giving approval to protect your assets.
