Over the past 24 hours, the Base network has faced havoc, which extended the damages to a slash of more than $2 million from the phishing attack. These undeniably sad cases bring forth the constant danger of being tricked by the most productive schemes among the cybercriminals, with their persistently committing frauds against the cryptocurrency users at bay.
Here’s everything you need to know!
Understanding the Phishing Attack
Scamsniffer brought to light the story of a victim who lost $1.2 million worth of AERO tokens to a phishing scam. Shortly after, another individual fell victim to a similar attack, losing $846,610 worth of $DEGEN tokens due to a double spending scam.
Munchables Mayhem!
The recent Munchables attack on the Ethereum layer 2 Blast network serves as another example of the vulnerability of the crypto space. Hackers stole around $62 million in assets from the NFT video game, although the stolen crypto was later recovered through a white hat rescue operation.
Also Read: Crypto Hack Report Q1 2024: Trends, Losses, and Recovery Efforts
What’s the Achilles Heel?
These losses highlight flaws in the design of the Ethereum Virtual Machine (EVM), which is prone to exploitation due to security vulnerabilities. Over $2 million was stolen within just 24 hours due to flaws in smart contracts, leaving users exposed to cyber threats.
The activation of ERC-3074 has created opportunities for token owners but has also opened the door to potential abuse. Phishing attacks targeting cryptocurrency wallets pose a significant threat, allowing attackers to steal tokens and NFTs using forged signatures.
To protect users and their assets, comprehensive security measures are essential. Strengthening network protocols and empowering users with knowledge and tools are crucial steps in combating cyber threats and ensuring the safety of the cryptocurrency ecosystem.
This Might Interest You: Top 5 Crypto Hacks of March 2024: Market Loses $188 Million?!
All in all…
. By remaining vigilant and collaborative, we can work together to mitigate these threats and create a more secure digital environment for all.
