Whale Loses $55.47M DAI In Phishing Attack: A Cautionary Tale

In a devastating phishing attack, a crypto whale lost 55.47 million DAI due to a careless mistake.

The incident unfolded when the whale unknowingly signed an unknown transaction 13 hours ago, inadvertently setting the owner of his 55.47 million DAI in Maker to a phishing address: “0x0000db5c…41e70000.”

This critical error allowed the attacker to gain control of the whale’s funds. Later, when the whale attempted to withdraw his 55.47 million DAI, the transaction failed due to the unauthorized change in ownership.

The attacker, wasting no time, set the owner of the DAI to a newly created address, “0x5D4b,” and promptly withdrew the entire 55.47 million DAI.

The attacker then exchanged 27.5 million DAI for 10,625 ETH, further securing their ill-gotten gains. This swift and calculated move by the attacker underscores the importance of vigilance in the world of cryptocurrency.

A whale lost 55.47M $DAI in a phishing attack!

How did it happen?