Phishing Attack Exploits Maker Vault Vulnerability

On Tuesday, a crypto whale lost about $55.4 million in the Dai stablecoin to a complex phishing attack, according to on-chain investigator ZachXBT

A crypto whale lost about $55.4 million in the Dai stablecoin to a complex phishing attack on Tuesday, according to on-chain investigator ZachXBT.

The attack raises concerns over some of the persistent risks that have been common in the Decentralized Finance (DeFi) industry, especially those that involve scams aimed at users.

The specific form of this control was transferring the ownership of the decentralized service proxy (DSProxy) associated with the vault to the attacker’s address.

After gaining control of the DSProxy, the attacker changed the Maker vault’s owner address to their own wallet.

This massive loss raises even more concerns within the DeFi ecosystem, especially since many protocols and users are continuously being attacked by fraudsters.

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