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MKR Token Down 7% Post $11M Phishing Scam

Makerdao Mkr

After a governance delegate lost $11 million in digital assets to a clever phishing attempt, MakerDAO’s MKR token saw a notable drop.

Blockchain security company Scam Sniffer said earlier in the day that a crypto investor was duped into signing a harmful permission phishing signature. This meant the loss of 2.56 million PT Ethena tokens, valued at $2.4 million, and 3,656 MKR tokens, valued at $8.7 million.

Examining the victim’s address on the Arkham Intelligence platform, it turned out that it was connected to a MakerDAO governance delegate. Selected by their community, these delegates reflect MKR holders in voting procedures.

Although all MKR holders are involved in governance, many choose to give these representatives their voting powers. This practically gives them major control over the operations and policies of the protocol.

This is a real big spender. Three permit offline authorization signatures were stolen by a phishing website, resulting in a loss of approximately $11 million,” Yu Xian, creator of blockchain security firm SlowMist, stated.

Impact on MKR Token Price

According to Lookonchain, the blockchain analysis tool, the thief had turned the pilfers into Ethereum following their theft. Resulting from this action, MKR’s price dropped 7% to $2,219. As of press time, the token has somewhat rebounded to $2,374.

Etherscan has assigned the address of the exploiter to be a phishing wallet. It has around $760,000 in different digital assets.

This event also highlights the continuous threat of phishing attempts in the domain of digital assets. Usually, these programs entail con artists creating fictitious social media profiles to pass for official projects. These stories then entice victims to dangerous websites where sensitive data is compromised, usually with reference to counterfeit verification badges.

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Following a temporary break due to increased demand last month, Inferno Drainer—a well-known draining-as-a-service (DAAS) provider—resumed activities. This service was linked to the theft of $6.9 million worth of 1,807 Ether.fi-Liquid1 tokens.

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