Blockchain News

Phishing Scam Costs MakerDAO Delegate $11 Million in Tokens

A governance delegate from MakerDAO has fallen victim to a phishing scam, resulting in the loss of $11 million worth of Aave Ethereum Maker (aEthMKR) and Pendle USDe tokens.

Phishing scams, where attackers pose as reputable entities to deceive individuals into providing sensitive information, have become a prevalent cybercrime.

In this case, discovered by the Web3 anti-scam solution Scam Sniffer on June 23, the delegate’s funds were stolen due to his mistake of signing multiple phishing signature approvals that led to the theft of their digital assets.

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The victim, identified by Arkham, is a key player within the MakerDAO ecosystem. As a governance delegate, this individual holds significant responsibility in the decision-making processes of the protocol, influencing votes on governance proposals, polls, and executive decisions.

These votes influence key decisions within the Maker protocol, and if approved, proposals are implemented following a security waiting period known as the Governance Security Module (GSM).

Scam Sniffer’s report, published on January 1, revealed that phishing scams drained $300 million from 320,000 users in 2023 alone. One of the most severe cases detailed in the report involved a single victim losing $24.05 million due to signing Increase Allowance.

This incident underscores the persistent threat of phishing scams in crypto. As attackers refine their techniques, the need for improved security measures becomes ever more critical for participants in the crypto ecosystem.

In other news, a Texas police officer has recently stopped a scam involving a fake Chase Bank representative that nearly cost an elderly woman $40,000.

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.


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