Great Attack: Hacker Sold That Altcoin and Bought Ethereum! Price crashed

According to the statement made on Lookonchain’s Twitter account, a user was attacked by phishing attack last night and lost cryptocurrency worth $11.1 million. This incident highlights the increasing cyber threats facing cryptocurrency investors. The attacker may have used a fake platform, such as an email or a website, to attract the victim’s attention and convince them to access their cryptocurrency wallet. With this access, the attacker was able to steal 3,657 MKR (approximately $8.7 million) and 2.56 million PT Ethena tokens (approximately $2.4 million). The hacker bought Ethereum with these assets and crashed the price of MKR. Here are the details…

Attacker bought Ethereum, sold MKR and ENA

There are always threats lurking in the dark corners of the cryptocurrency world. One of these threats is phishing attacks targeting cryptocurrency investors. In an incident last night, these threats turned into a terrifying reality, resulting in a user being stripped of his $11.1 million cryptocurrency investment. According to the statement made on Lookonchain’s Twitter account, a user was attacked by phishing attack last night and lost $11.1 million worth of cryptocurrencies.

The attacker seized 3,657 MKR (approximately $8.7 million) and 2.56 million PT Ethena tokens (approximately $2.4 million). The attacker sold MKR tokens for 2,502 ETH (approximately $8.7 million), causing the price of the token to drop by 7%. So this phishing attack was not limited to just financial losses. The sudden drop in the price of the MKR token caused fluctuations in the cryptocurrency market and affected other investors. The atmosphere of panic and distrust created by the influx also damaged the general prestige of the cryptocurrency market. The attacker also exchanged PT Ethena tokens for 689 ETH (approximately $2.41 million) and made a total profit of $11.1 million.

‘Phishing’ attacks have increased in recent years

Phishing attacks have become an increasingly bigger threat to cryptocurrency investors in recent years. Attackers are trying to steal users’ personal information and cryptocurrencies by using fake e-mails and websites. How can you protect yourself from this incident? It is useful to pay attention to the following elements:

• Avoid clicking on suspicious emails and websites.Check who the sender is and whether the website is trustworthy.
• Use strong and unique passwords.Never share your passwords with anyone.
• Store your cryptocurrencies in a secure wallet.Hardware wallets are more secure than software wallets.
• Be careful when making cryptocurrency transactions.Always double-check processes before approving them.