Blockchain security platform Scam Sniffer reported a crypto trader losing $35 million in minutes due to a social-engineered crypto scam. The scam involved a phishing signature that led to the immediate sale of funds, causing a rapid decline in dETH price. This incident also resulted in attacks on protocols like PAC Finance and Orbit Finance. The Ethereum network's 'Permit' feature, introduced through EIP 2612, allows gasless transactions but is vulnerable to social-engineered scams. Phishing attacks, including those on notable accounts like KOR Protocol's X account, have led to significant losses in the crypto space. Scam Sniffer's September Phishing Report revealed nearly $46 million lost to crypto phishing scams, with an average of 11,000 victims monthly. The platform highlighted the prevalence of phishing links from fake accounts on platforms like X and Google, leading to substantial financial losses for unsuspecting traders. Read more AI-generated news on: https://app.chaingpt.org/news
