Phishing scam results in $11.1 million loss in crypto assets for MakerDAO delegate

  • A phishing assault costs a MakerDAO delegate more than $11 million in MKR and USDe tokens.
  • According to Scam Sniffer, the con artist used a permit phishing signature as leverage to take the money.
  • Blockchain security companies have drawn attention to the growing threat posed by these frauds, as the perpetrators are using artificial intelligence (AI) capabilities.

CryptoCaster Quick Check:

A phishing assault on June 23 caused a cryptocurrency investor to lose $11.1 million in Maker and Pendle USDe tokens. In order to thwart any attempts at recovery, the scammer quickly converted the stolen assets for ETH, according to blockchain researcher Lookonchain.

Stay in the know on crypto by frequently visiting Crypto News Today

On-chain data indicates that the attacker converted the 2,56 million USDe into 689 ETH and the stolen 3,657 MKR into 2,502 ETH. As a result, MKR’s price fell by about 7% to $2,271, prolonging a downward trend that has seen the asset lose 17% of its value over the previous month.


A MakerDAO delegate is the victim of a phishing scheme, according to data from Arkham Intelligence. Because they must vote on important ideas that have a big impact on how the Maker protocol runs, delegates are essential to its functioning.

This instance demonstrates the high level of sophistication needed to carry out this attack, even with the victim’s extensive experience with cryptography. The attack was successful, according to web3 security company ScamSniffer, since the victim had repeatedly clicked on phishing signs without realizing it.


Phishing scams remain prevalent

One of the most common risks in the cryptocurrency world is phishing schemes. Attackers can assume the identity of reputable companies through these schemes, allowing them to obtain confidential information and access the cryptocurrency wallets of their victims. Crypto drainers are widely used by hackers on these phishing websites. These drainers trick gullible people into approving fraudulent transactions, resulting in significant financial loss.

As further explained by blockchain analysis firm Chainalysis:

“The operators of drainers typically pose legitimate web3 projects, luring victims into connecting their cryptocurrency wallets to the drainer and accepting transaction proposals that give the operator access of the funds inside the wallet, rather than taking advantage of victims’ usernames and passwords. Drainers can immediately and directly take users’ money if they are successful.

These phishing assaults have evolved in sophistication during the last 12 months. Scammers are employing artificial intelligence technologies to develop more convincing phishing websites that aid the theft of cryptocurrency assets, according to a recent warning from blockchain analytics company Elliptic.

As such, researchers covering the cryptocurrency space have cautioned consumers to be wary of dubious activity and to carefully confirm the legitimacy of any organization they interact with. CRYPTOCASTER® - DECENTRALIZED FREEDOM!


e hope you enjoyed this article. Before you move on, we invite you to consider supporting CryptoCaster’s journalism.

Billionaire owners like Elon Musk, Larry Fink (BlackRock), and Jamie Dimon (JP Morgan Chase) often have a strong influence on the hidden agendas surrounding the paradigm shift brought about by cryptocurrency and emerging Web3 technologies. CryptoCaster stands apart. We have no billionaire owner or shareholders to please. Our journalism is dedicated to serving the public interest in crypto development and institutional disruptions, not profit motives.

We avoid the pitfall of much U.S. and global media, which often resorts to false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency guide everything we do, we recognize that there is a right and wrong stance in the fight against fiat global banking interests and the monetary reconstruction driven by the emerging crypto ecology.

When we report on issues like the FTX, Binance, and Ripple crises, we’re not afraid to name names and uncover the truth. As a crypto sentinel, we offer a fresh, outsider perspective on global monetary disruption—something often missing from the insular American and European media bubble.

CryptoCaster’s paywall-free journalism is accessible worldwide thanks to our unique reader-supported model. This is made possible by readers like you. Your support keeps us independent, free from outside influence, and accessible to everyone, regardless of their ability to pay for news and information.

We are grateful for the ongoing monetary support from our readers. If you haven’t yet considered supporting CryptoCaster, please consider contributing just once from $1 or more in Bitcoin (satoshi) or Ether, or even better, support us monthly with a bit more. Scroll further down this page to find CryptoCaster’s wallet addresses.

Thank you.

Kristin Steinbeck
Editor, CryptoCaster

Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.

Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt


You may also like