Last Week in Crypto: A Whale Lost $55 Million in a Phishing Attack, McDonald's Instagram Account Was Hacked, and WazirX Resumed INR Withdrawals After a Cyberattack

Last week was tumultuous in the crypto world, with several high-profile events impacting investors, companies, and exchanges alike. From a massive $55 million phishing attack to an Instagram hijacking scam and ongoing recovery efforts, the weaknesses in the crypto sector were starkly revealed.

Last week saw several high-profile events in the crypto world that impacted investors, companies, and exchanges. Here's a summary of the key developments:

1. A crypto whale lost about $55.47 million in a phishing attack on a DeFi protocol. The whale interacted with the Maker protocol and executed an unverified transaction, leading to a loss of ownership over the funds. The attacker then cashed out, exchanging half of the stolen Dai for 10,625 Ether (ETH). The whale noticed the mistake and attempted to buy the remaining crypto to minimize the loss, but the change in ownership prevented the reversal of the transaction. This incident highlighted the risks involved in DeFi interactions and the potential for large-scale losses due to phishing scams.

2. McDonald's official Instagram account was hacked to promote a scam cryptocurrency called Grimace, resulting in a loss of about $700,000. The group India_X_kr3w hacked the account and used it to promote the meme coin, which was quickly adopted by traders. Blockchain analytics firm Bubblemaps found that over 75% of Grimace tokens were controlled by the attacker through multiple addresses, indicating a pump-and-dump scheme. The token's market cap briefly soared to $25 million before collapsing back, showing the risky nature of such scams. McDonald's later regained control of their Instagram account.

3. Indian cryptocurrency exchange WazirX is set to resume INR withdrawals following a cyberattack on July 18, which stole over $230 million in cryptocurrencies. Starting August 26, users will be able to withdraw up to 66% of their INR holdings as part of a phased recovery plan. However, cryptocurrency withdrawals are still on hold as WazirX works to resolve the long-term effects of the breach. The exchange has assured users that they are committed to protecting their funds and will fully reopen for crypto withdrawals, though a specific timeline has not been announced.

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