Security team: An address encountered an ERC20 Permit phishing attack, resulting in a loss of approximately 2.28 million US dollars

On May 1st, it was reported that the Web3 anti fraud tool Scam Sniffer posted that the address starting with “0x36b” encountered an ERC20 Permit phishing attack 10 hours ago, resulting in a loss of approximately 2.28 million USDCs. The fraudulent addresses are: “0xdd6cf6483fe5d948e0Aee94d94b8c98f055d1b0”, “0xb6d6c8193cc2d28be229ac208b1cd689653e75d4”, “0x076a3a43b9ed37f9001e58b2418e87333385d4e8”. Slow fog prompt: The stolen funds are all stored in the hacker address “0xCA4DDFFE50720292C9F0530B6F98Ca5e40c046b5”.

Security team: An address encountered an ERC20 Permit phishing attack, resulting in a loss of approximately 2.28 million US dollars

I. Introduction
A. Explanation of Scam Sniffer Web3 antifraud tool
B. Overview of the reported phishing attack
C. Explanation of the stolen funds
II. Understanding ERC20 Permit Phishing Attack
A. Definition of ERC20 Permit
B. How the phishing attack works
C. Explanation of how the phishing attack was carried out
III. Analysis of the Attack
A. How the hacker was able to gain access to the funds
B. Discussion on the stolen funds being stored in the hacker address
C. The potential impacts of the attack
IV. Preventive Measures against ERC20 Permit Phishing Attack
A. Multifactor authentication and use of unique passwords
B. Use of hardware wallets
C. Implementation of security protocols to stop phishing attacks
V. Conclusion
A. Recap of the article
B. Emphasis on the importance of security measures
C. Final thoughts
VI. FAQs
A. What is an ERC20 Permit phishing attack?
B. What are the preventive measures against phishing attacks?
C. How do hardware wallets prevent phishing attacks?
# On May 1st, it was reported that the Web3 anti-fraud tool Scam Sniffer posted that the address starting with “0x36b” encountered an ERC20 Permit phishing attack 10 hours ago, resulting in a loss of approximately 2.28 million USDCs. The fraudulent addresses are: “0xdd6cf6483fe5d948e0Aee94d94b8c98f055d1b0”, “0xb6d6c8193cc2d28be229ac208b1cd689653e75d4”, “0x076a3a43b9ed37f9001e58b2418e87333385d4e8”. Slow fog prompt: The stolen funds are all stored in the hacker address “0xCA4DDFFE50720292C9F0530B6F98Ca5e40c046b5”.
# Understanding the ERC20 Permit Phishing Attack
The ERC20 permit is a type of smart contract that enables holders of a token to permit a third party to perform specific actions such as transferring tokens on their behalf. ERC20 permit phishing attacks are designed to trick token holders by creating fake websites that mimic legitimate ones. These websites trick users into giving away their private keys or permit signed messages, thereby granting access to their funds.
The phishing attack on the address starting with “0x36b” took advantage of the ERC20 permit function to gain access to the funds in the targeted wallet. The attackers utilized the fake website to trick the owner into allowing the transfer of their tokens to another wallet.
# Analysis of the Attack
The hacker was able to gain access to the funds in the targeted wallet by exploiting the ERC20 permit function using the phishing website. The stolen funds have now been transferred to the hacker’s address “0xCA4DDFFE50720292C9F0530B6F98Ca5e40c046b5”, which makes the recovery of the funds almost impossible. The loss of 2.28 million USDCs is a significant financial blow to the victim. It is noteworthy that this is not an isolated incident, and several similar phishing attacks have been reported over the years.
# Preventive Measures against ERC20 Permit Phishing Attack
To prevent this type of attack, users need to implement measures that will secure their wallets from unauthorized access. First, multifactor authentication should be used to access wallets. Users should also use unique passwords to ensure that passwords are not easily guessed.
Another preventive measure is the use of hardware wallets. Hardware wallets keep private keys offline, making them less vulnerable to phishing attacks. Users should also be cautious of links posted on social media platforms or websites with suspicious URLs.
Finally, users should implement security protocols that will detect and stop phishing attacks whenever they occur. These protocols can be in the form of browser extensions or security software that detect and block phishing websites.
# Conclusion
The phishing attack that led to the loss of 2.28 million USDCs is a stark reminder of the need for users to take security seriously. The popularity of cryptocurrencies has made them a prime target for fraudsters, and the complexity of smart contracts has made them vulnerable to attacks. It is, therefore, necessary for users to take active measures to protect their wallets. By following the preventive measures discussed in this article, users can ensure that their cryptocurrency investments remain secure.
# FAQs
Q1. What is an ERC20 Permit phishing attack?
A1. An ERC20 permit phishing attack is a type of attack that utilizes fake websites to trick users into granting access to their wallets using permission-signed messages.
Q2. What are the preventive measures against phishing attacks?
A2. Preventive measures against phishing attacks include multifactor authentication, the use of hardware wallets, and implementing security protocols that detect and block phishing websites.
Q3. How do hardware wallets prevent phishing attacks?
A3. Hardware wallets keep private keys offline, making it difficult for fraudsters to gain access to wallets via phishing websites.