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Delegate from MakerDAO loses $11 million in significant phishing scheme

Wow, it seems that a MakerDAO governance delegate has unfortunately lost $11 million in aEthMKR and Pendle USDe tokens to a sneaky phishing scam.

Reports from Scam Sniffer, a web3 anti-scam tool, reveal that this incident took place not too long ago when the user unknowingly signed multiple fraudulent Permit network signatures. The victim’s wallet with the address 0xfb…accfa fell into the hands of the scammer at address 0x73…bb96.

Thankfully, Scam Sniffer quickly sprung into action to detect the breach. They shared the news on X, shedding light on how the victim was tricked into signing those pesky permit phishing signatures.

Reporting on the incident, crypto expert Colin Wu pointed out that the victim’s address was that of a MakerDAO governance delegate, a key role in the MakerDAO ecosystem.

These delegates play a crucial part in voting on governance proposals and executive decisions within the Maker protocol, shaping the future of the platform.

Typically, MKR holders and delegates collaborate to approve proposals, which then go through various stages before being integrated into the Maker protocol.

How do phishing scams work?

Phishing scams happen when scammers pose as legitimate entities to deceive you into revealing sensitive information or accessing your crypto accounts.

Malware like wallet drainers are often used on fake websites to deceive users into making harmful transactions, resulting in significant financial harm.

According to Scam Sniffer’s recent report, these scams have drained $300 million from 320,000 users in 2023 alone.

In the worst cases, victims have lost millions due to devious phishing signatures like Permit, Permit 2, Approve, and Increase Allowance.

This situation highlights the risks faced by prominent figures in the crypto space and stresses the need for caution.

It’s crucial for everyone in the crypto community to stay alert, verify the legitimacy of all interactions, and watch out for any suspicious behavior to safeguard their assets against phishing attacks.


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