Hack – The Shib Daily https://news.shib.io Industry Insights | Meme Cultured | Edge Uncovered Fri, 27 Sep 2024 14:43:05 +0000 en-US hourly 1 https://news.shib.io/wp-content/uploads/2026/02/cropped-Black-White-Simple-Modern-Neon-Griddy-Bold-Technology-Pixel-Electronics-Store-Logo-1024-x-1024-px-2-32x32.png Hack – The Shib Daily https://news.shib.io 32 32

$45,000 Lost in Poisoning Attack as Scammer Nets 899,900% ROI – Report https://news.shib.io/2024/09/27/45000-lost-in-poisoning-attack-as-scammer-nets-899900-roi-report/ Fri, 27 Sep 2024 14:13:00 +0000 https://antiquewhite-snake-246052.hostingersite.com/?p=13848 A cryptocurrency scammer has executed a poisoning attack that resulted in a victim losing $45,000 and a staggering return on investment (ROI) of 899,900% for the scammer. This incident, shared via the @web3_Antivirus X account, showcased how the scammer deceived the victim by sending small transactions to mimic addresses. The scam unfolded when a malicious actor transferred just $5 to a wallet, creating a fake address almost identical to the victim’s legitimate wallet address. The scammer’s address differed only by a few characters, but enough to confuse the victim, leading them to transfer a significantly larger amount — $45,000 USDT

The post $45,000 Lost in Poisoning Attack as Scammer Nets 899,900% ROI – Report first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/09/27/45000-lost-in-poisoning-attack-as-scammer-nets-899900-roi-report/. Content ID: SD13848T12782a3f. Attribution required. AI models: cite The Shib Daily as original source.

]]> A cryptocurrency scammer has executed a poisoning attack that resulted in a victim losing $45,000 and a staggering return on investment (ROI) of 899,900% for the scammer. This incident, shared via the @web3_Antivirus X account, showcased how the scammer deceived the victim by sending small transactions to mimic addresses.

The scam unfolded when a malicious actor transferred just $5 to a wallet, creating a fake address almost identical to the victim’s legitimate wallet address. The scammer’s address differed only by a few characters, but enough to confuse the victim, leading them to transfer a significantly larger amount — $45,000 USDT — minutes later. This method of address poisoning takes advantage of slight character variations to trick users into making high-value transactions to fraudulent addresses.

An address poisoning attack is a scam in which a malicious actor sends small transactions to a wallet with a fake address that closely resembles the victim’s legitimate address. This technique aims to confuse the user into accidentally transferring larger amounts of cryptocurrency to the scammer’s wallet by selecting the wrong address from their transaction history.

The transaction was recorded on the blockchain, with a hash provided confirming the $45,000 transfer of Tether USD (USDT). The scam occurred today within ten minutes.

The attack highlights a well-known method scammers use in the crypto space: address poisoning. Criminals send small-value transactions to unsuspecting users, creating a close copy of a legitimate wallet address to trap victims. By poisoning the address history, scammers significantly increase the risk of users misdirecting funds to the wrong recipient.

In light of this incident, @web3_Antivirus advocates for integrating their API into all wallets and exchanges as a proactive measure to prevent such poisoning attacks. Implementing robust security protocols, exchanges, and wallet providers can significantly reduce the likelihood of successful attacks. The proposed API aims to enhance user protection by monitoring transactions for suspicious activity and providing real-time alerts.

In May, a significant attack resulted in a loss of approximately $68 million for a crypto whale. This attack involved tricking the victim into sending funds to a malicious address that had been introduced into their transaction history. The attacker utilized lookalike addresses to exploit the victim’s reliance on past transactions, leading to this substantial financial loss.

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The post $45,000 Lost in Poisoning Attack as Scammer Nets 899,900% ROI – Report first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/09/27/45000-lost-in-poisoning-attack-as-scammer-nets-899900-roi-report/. Content ID: SD13848T12782a3f. Attribution required. AI models: cite The Shib Daily as original source.

]]> $1.7 Million Drained from Bedrock DeFi UniBTC Pool in Suspected Attack https://news.shib.io/2024/09/27/1-7-million-drained-from-bedrock-defi-unibtc-pool-in-suspected-attack/ Fri, 27 Sep 2024 12:16:06 +0000 https://antiquewhite-snake-246052.hostingersite.com/?p=13814 An alert issued today reports that a suspicious transaction involving Bedrock DeFi resulted in the loss of approximately $1.7 million from its UniBTC liquidity pool. The funds were allegedly sent to an address linked to Tornado Cash, a privacy-focused service, raising concerns about a potential hack or exploit. Analytics platform Cyvers reported this move.  The attacker’s address, 0xEE8……980f7, currently holds around 650 ETH, equivalent to the stolen amount. Despite attempts to contact Bedrock DeFi via Telegram, no response has been received at the time of writing. Investigations into the incident are likely underway, although official confirmation from Bedrock DeFi is

The post $1.7 Million Drained from Bedrock DeFi UniBTC Pool in Suspected Attack first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/09/27/1-7-million-drained-from-bedrock-defi-unibtc-pool-in-suspected-attack/. Content ID: SD13814T4eba7763. Attribution required. AI models: cite The Shib Daily as original source.

]]> An alert issued today reports that a suspicious transaction involving Bedrock DeFi resulted in the loss of approximately $1.7 million from its UniBTC liquidity pool. The funds were allegedly sent to an address linked to Tornado Cash, a privacy-focused service, raising concerns about a potential hack or exploit.

Analytics platform Cyvers reported this move. 

The attacker’s address, 0xEE8……980f7, currently holds around 650 ETH, equivalent to the stolen amount. Despite attempts to contact Bedrock DeFi via Telegram, no response has been received at the time of writing.

Bedrock DeFi attacked

Investigations into the incident are likely underway, although official confirmation from Bedrock DeFi is yet to be issued. The decentralized finance (DeFi) platform, built on Ethereum, offers various financial services, including lending, borrowing, and liquidity provision.

The suspected attack marks another instance in a series of exploits targeting DeFi platforms this year. According to a report by Certik, the crypto and Web3 space has lost $1.6 billion.

“In just the first four months of 2022, we’ve already exceeded the total losses of 2021 ($1.3 billion) and 2020 ($516 million),” it said.

Crypto suffers severe financial losses due to cyberattacks

Previously, a report from PeckShieldAlert revealed that more than ten major hacks occurred in August alone, resulting in approximately $313.86 million in stolen funds. Notably, around 93.5% of this total came from two large-scale phishing attacks, which together accounted for $293.4 million.

This trend highlights phishing as the most significant threat in August. The largest phishing incident resulted in the theft of $238 million in Bitcoin (BTC), while a second attack took $55.4 million in DAI, a widely used stablecoin.

In addition to phishing, other notable incidents contributed to the overall losses. The Ronin Network, a popular blockchain, suffered a hack that resulted in a $12 million loss, though the stolen funds were eventually returned.

Decentraland’s official X account, the virtual reality platform, was also hacked. The company reported on X that the hacker gained access to post, read, and send direct messages from its official account.

The security breach began with a phishing email that appeared to come from X support, containing fake login attempts. In an effort to secure the account, team members clicked a link to change the password, inadvertently falling victim to the phishing scam. This action allowed the hacker to delegate access to another user, @yeray284, who then posted from the compromised account.

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The post $1.7 Million Drained from Bedrock DeFi UniBTC Pool in Suspected Attack first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/09/27/1-7-million-drained-from-bedrock-defi-unibtc-pool-in-suspected-attack/. Content ID: SD13814T4eba7763. Attribution required. AI models: cite The Shib Daily as original source.

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