Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Hacker Drains $35M in fwdETH Dumps token, causing Price drops

Hacker Drains $35M in fwdETH Dumps token, causing Price drops

CryptotimesCryptotimes2024/10/11 10:09
By:Jahnu Jagtap

$35M in fwdETD drained

In a recent cyberattack, hacker drained $35 million worth of fwdETH and sell them, causing a big drop in their value. It appears the victim lost their funds after unknowingly signing a malicious “permit” signature, allowing the attacker to drain their wallet. 

The hacker didn’t stop here, as an investigation by crypto sleuths reveals that the hacker’s address sold the stolen fwdETH rapidly. This led to a sharp drop in the price of dETH, causing widespread disruption across several DeFi protocols, including PAC Finance and Orbit Finance, which rely on dETH.

Initial investigations point to the hacker’s address: 0x0605edee6a8b8b553cae09abe83b2ebeb75516ec, which was responsible for offloading the stolen funds. The victim’s wallet, identified as 0xeab23cfe3776adf45e2e3dc56bcf739f6e0a393, was compromised via a “permit” signature exploit—an increasingly common method used in Web3 phishing scams.

Roffett.eth detailed the attack in a tweet, pointing out that the sudden sell-off of fwdETH caused a ripple effect, affecting liquidity and stability in dETH-pegged protocols. These unexpected price movements have left some protocols struggling to manage the fallout.

Scam Sniffer further elaborated that the attacker’s method leveraged temporary token spender addresses generated using the CREATE2 function, making it challenging to detect. This has raised alarms within the broader crypto community, with concerns over the growing sophistication of phishing techniques targeting DeFi users.

Ring protocol and Orbit protocol have not given any publicly given regarding the incident.

Follow The Crypto Times on Google News to Stay Updated!
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Tornado Cash co-founder’s money laundering trial postponed to April 2025

Share link:In this post: On November 1, Judge Katherine Polk Failla rescheduled the next Storm’s trial to April 14, 2025. Storm’s defense has challenged the court’s trial postponement, going as far as filing a mandamus petition with the U.S. Court of Appeals for the Second Circuit. Roman Storm is charged with three counts: conspiracy to commit money laundering, conspiracy to commit sanctions violations, and conspiracy to operate an unlicensed money-transmitting business.

Cryptopolitan2024/11/02 15:22