During the fraudulent attack, the crypto investor lost 501 ETH (about $2 million). The funds were stolen through the liquid restaking protocol Ether.Fi.
According to Etherscan, the theft occurred on March 14 and consisted of two transactions: in the first, 426 ETH was withdrawn, and in the second — another 75 ETH. At the time of the attack, the stolen assets were estimated at $1.6 million and $277 thousand, respectively. After the theft, the net value of the victim's wallet decreased by more than 99.93%, leaving only $1,453 on the balance.
The Web3 Scam Sniffer security platform determined that an IncreaseAllowance transaction was used for the attack, which is a common feature in phishing attacks, allowing attackers to access funds without the owner's permission.
The IncreaseAllowance transaction can be used in fraudulent schemes with cryptocurrencies in various ways, here are some examples:
1. Phishing attacks: scammers can use phishing sites or messages to convince users to sign the IncreaseAllowance transaction, which grants attackers the right to use a large number of victim tokens. Users may think that they are interacting with a legitimate service or smart contract, while in fact they are giving access to their funds to fraudsters.
2. Fraudulent Smart Contracts: Cybercriminals can create smart contracts that look like legitimate decentralized applications (dApps), but are actually designed to illegally access users ' funds. After the user performs an IncreaseAllowance transaction, giving the contract the right to use its tokens, a fraudulent contract can withdraw funds without the user's consent.
3. Hidden transactions: In some cases, users may not realize the full implications of performing an IncreaseAllowance transaction. Fraudsters can use complex terms of use or deceptive user interfaces to hide the true nature of the transaction, as a result of which users unwittingly provide attackers with access to their funds.
To protect against such attacks, it is important to always carefully check which smart contracts or individuals you give permission to access your funds. Always use official and verified sources when interacting with dApps, and regularly check and adjust permissions that you have previously granted through token management interfaces or specialized services for tracking permissions.
According to Etherscan, the theft occurred on March 14 and consisted of two transactions: in the first, 426 ETH was withdrawn, and in the second — another 75 ETH. At the time of the attack, the stolen assets were estimated at $1.6 million and $277 thousand, respectively. After the theft, the net value of the victim's wallet decreased by more than 99.93%, leaving only $1,453 on the balance.
The Web3 Scam Sniffer security platform determined that an IncreaseAllowance transaction was used for the attack, which is a common feature in phishing attacks, allowing attackers to access funds without the owner's permission.
The IncreaseAllowance transaction can be used in fraudulent schemes with cryptocurrencies in various ways, here are some examples:
1. Phishing attacks: scammers can use phishing sites or messages to convince users to sign the IncreaseAllowance transaction, which grants attackers the right to use a large number of victim tokens. Users may think that they are interacting with a legitimate service or smart contract, while in fact they are giving access to their funds to fraudsters.
2. Fraudulent Smart Contracts: Cybercriminals can create smart contracts that look like legitimate decentralized applications (dApps), but are actually designed to illegally access users ' funds. After the user performs an IncreaseAllowance transaction, giving the contract the right to use its tokens, a fraudulent contract can withdraw funds without the user's consent.
3. Hidden transactions: In some cases, users may not realize the full implications of performing an IncreaseAllowance transaction. Fraudsters can use complex terms of use or deceptive user interfaces to hide the true nature of the transaction, as a result of which users unwittingly provide attackers with access to their funds.
To protect against such attacks, it is important to always carefully check which smart contracts or individuals you give permission to access your funds. Always use official and verified sources when interacting with dApps, and regularly check and adjust permissions that you have previously granted through token management interfaces or specialized services for tracking permissions.
