In a dramatic turn of events, an on-chain entity reportedly connected to a cryptocurrency venture capital fund lost over $36 million in tokens due to a malicious phishing attack. This latest incident highlights the growing sophistication of phishing scams in the crypto world, and the risks associated with signing fraudulent transactions. Here’s what you need to know, updated for October 2024, and tailored to help users of Coin Push Crypto Alerts stay informed about such critical developments.
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Phishing Attack Results in Massive Loss
The affected entity, believed to be associated with the venture capital fund Continue Capital, lost 15,079 fwDETH (wrapped Ethereum tokens) on the Blast chain, according to blockchain monitoring account Lookonchain. The loss occurred after the entity unknowingly signed a malicious “permit” transaction—essentially giving away control of its tokens.
The phishing attack triggered a massive financial loss, with fwDETH prices plummeting by more than 95% in its trading pair with fwWETH, before bouncing back to a 40% decline. While the full extent of the damage remains unclear, the price drop also caused “attacks on protocols like PAC Finance and Orbit Finance,” as pointed out by X user @roffett_eth. Neither PAC Finance nor Orbit Finance have issued statements about the attack as of this writing.
For users of Coin Push Crypto Alerts, staying vigilant about phishing attacks is essential. The platform provides accurate and timely crypto alerts but does not engage in buy, sell, or trading services—making it a valuable resource for tracking such market disruptions.
The Growing Threat of Phishing in Crypto
Phishing attacks in the cryptocurrency world are becoming increasingly sophisticated, posing significant risks to investors and institutions. These attacks often disguise malicious requests as legitimate ones, seeking user permissions through seemingly trustworthy signatures. In this case, the victim signed a “permit” phishing transaction, giving hackers access to their funds.
As phishing scams become more advanced, crypto holders need to stay updated on the latest developments to protect their assets. With Coin Push Crypto Alerts, users can monitor market changes, major crypto events, and emerging threats like phishing attacks—all without engaging in direct trading.
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Impact on Ethereum and Wrapped Tokens
The loss of 15,079 fwDETH had a notable impact on the broader market, with fwDETH prices suffering a sharp decline. This downturn impacted the price of Ethereum (ETH) and other wrapped Ethereum tokens, showcasing the vulnerability of DeFi platforms and wrapped tokens to malicious attacks. In a sector as volatile as crypto, phishing scams can send shockwaves through token prices, as seen with the steep price drop of fwDETH.
While such attacks are damaging, users of Coin Push Crypto Alerts can receive timely notifications about price fluctuations in Bitcoin, Ethereum, altcoins, and the broader crypto market. These real-time alerts can help investors take appropriate measures to protect their assets without directly engaging in buy, sell, or trade activities.
Phishing Scams: An Ongoing Risk in 2024
As of Q3 2024, phishing attacks and private key leaks have resulted in over $668 million in stolen crypto, according to blockchain security firm CertiK. Phishing scams are evolving quickly, making it increasingly difficult for users to differentiate between legitimate requests and malicious transactions.
This incident is a stark reminder of the persistent risks within the crypto space. Investors and institutions must remain vigilant when dealing with any transaction requests, particularly when dealing with signatures and permissions that could result in significant financial losses.
For those using Coin Push Crypto Alerts, the platform offers valuable market insights without the risk of phishing through buy/sell interactions. By providing real-time alerts, Coin Push helps users stay informed about potential market disruptions and scams that could affect token prices and market conditions.
Conclusion: Stay Vigilant with Crypto Alerts
The $36 million loss tied to a crypto venture capital fund serves as a reminder that the crypto space, while full of opportunity, is also fraught with risk. Phishing scams continue to target unsuspecting users, causing significant financial damage. Coin Push Crypto Alerts offers a secure way to stay updated on crypto market movements, phishing scams, and price shifts, ensuring users remain informed without engaging in risky transactions.As the market faces increasing challenges, having access to timely and accurate crypto signals for Bitcoin, Ethereum, altcoins, and bull-run 2024 is essential. Visit Coin Push Crypto Alerts to stay ahead of the curve and safeguard your investments in the ever-evolving world of cryptocurrency.
Stay informed with Coin Push Crypto Alerts to receive the latest crypto signals, including key insights into Bitcoin, Ethereum, and other altcoins. As the 2024 bull run approaches, accurate and timely information is critical to making the best decisions in this ever-changing market.
Crypto Alerts users know, staying vigilant and well-informed is key to navigating these uncertain times.
At Coin Push Crypto Alerts, we continue to monitor these developments and provide timely crypto signals to help our users navigate the fast-moving market. While we don’t offer buy, sell, or trading services, we ensure that you stay informed about major market shifts that could impact Bitcoin, Ethereum, altcoins, and the broader crypto ecosystem as we head toward the anticipated 2024 bull run.
Stay tuned for more updates and resources as we continue to explore the exciting world of Bitcoin, Ethereum, altcoins, and more!
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Disclaimer: The information provided in this article does not constitute investment advice, financial advice, trading advice, or any other advice, and should not be treated as such. Coin Push Crypto Alerts does not recommend buying, selling, or holding any cryptocurrency. Always conduct your due diligence and consult a financial advisor before making any investment decisions.
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There are indications that the crypto will be distributed to players over two years rather than all at once. This approach is likely designed to prevent a rapid drop in price after listing, with the intention that only the “whales” will remain to gradually buy up your coins.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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