A Crypto Whale Lost $24 Million In A Phishing Attack, This Is How You Can Save Your Crypto.

• Crypto whales lost their hard earned money in moment because of phishing attacks.
• Complete guide on how to protect your crypto from phishing attacks, follow the steps to save your money.

Introduction

The world of cryptocurrencies and decentralized finance (DeFi) is filled with opportunities and risks. Recent events have demonstrated how crucial it is to stay vigilant and proactive in protecting your digital assets. In two separate incidents, a crypto whale lost approximately $24 million, and another user lost $3.3 million due to vulnerabilities in approved contracts. In this blog post, we will explore these incidents and provide you with a step-by-step guide on how to safeguard your assets by reviewing and revoking suspicious approvals.

The Whales’ Tale: Costly Mistakes

Two recent incidents have sent shockwaves through the crypto community, underscoring the need for enhanced security measures.

Incident 1: The Phishing Attack

Just two days ago, a crypto whale fell victim to a sophisticated phishing attack, resulting in a staggering loss of approximately $24 million. The attacker managed to access the whale’s wallet, making off with 4,851 rETH (valued at $8.58 million) and 9,579 stETH (amounting to $15.63 million). This incident serves as a stark reminder that even the most seasoned crypto users can fall prey to malicious actors.

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A whale was phished 10 hrs ago and lost ~$24M, including 4,851 $rETH ($8.58M) and 9,579 $stETH ($15.63M).https://t.co/OIWVOHaSLp pic.twitter.com/Own2ULn16k

— Lookonchain (@lookonchain) September 7, 2023

READ MORE: After More Than $1.5 Billion Liquidations In A Single Day Last Month, Get Ready For Another Roller Coaster Ride

Incident 2: SushiSwap Contract Bug

On April 9, 2023, a user with the Twitter handle @0xSifu experienced a significant loss of 1,800 ETH, equivalent to $3.3 million. The cause of this substantial loss was traced back to a bug related to the approval mechanism within the SushiSwap contract. This unfortunate incident highlights the importance of thoroughly vetting smart contracts and their permissions before interacting with them.

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It seems the @SushiSwap RouterProcessor2 contact has an approve-related bug, which leads to the loss of >$3.3M loss (about 1800 eth) from @0xSifu.

If you have approved https://t.co/E1YvC6VZsP, please *REVOKE* ASAP!

One example hack tx: https://t.co/ldg0ww3hAN pic.twitter.com/OauLbIgE0Q

— PeckShield Inc. (@peckshield) April 9, 2023

READ MORE: The Bitcoin Whales: Dive into the World of some of the Largest BTC Holders

Protecting Your Assets: A Step-By-Step Guide

To prevent similar losses and enhance the security of your crypto holdings, follow these steps to review and revoke approvals for suspicious contracts:

Step 1: Connect to Ethereum Approval Checker

• Visit the Ethereum approval checker at https://etherscan.io/tokenapprovalchecker.
• Click on “Connect to Web3” to establish a connection with your Ethereum wallet.

Step 2: Identify Suspicious Contracts

• Once connected, navigate to the “Approved Spender” section on the approval checker.
• Carefully examine the list of approved contracts and token spenders for any suspicious or unfamiliar entries.

ALSO READ: FASB’s Crypto Accounting Standards: A Turning Point for Crypto Institutional Adoption

Step 3: Revoke Approval

• When you identify a contract that raises concerns, click on the “Revoke” button next to it.
• This action will initiate the process of revoking your approval for that particular contract.

Step 4: Connect Your Wallet

• To complete the revocation process, you will need to connect your Ethereum wallet.
• Follow the prompts to authenticate the revocation with your wallet credentials.

Additional Resources

Here are approval checker links for various blockchains:

• Ethereum: https://etherscan.io/tokenapprovalchecker
• Binance Smart Chain (BSC): https://bscscan.com/tokenapprovalchecker
• Arbitrum: https://arbiscan.io/tokenapprovalchecker
• Optimism: https://optimistic.etherscan.io/tokenapprovalchecker
• Polygon: https://polygonscan.com/tokenapprovalchecker
• Fantom: https://ftmscan.com/tokenapprovalchecker
• Avalanche (Avax): https://snowtrace.io/tokenapprovalchecker

Caution: Use Revoke Tools Wisely

While there are tools available, such as Revoke Cash (https://revoke.cash), designed to simplify the approval revocation process, exercise caution when using them. Ensure that you thoroughly research and trust any third-party tools to avoid potential risks to your funds.

Specific SushiSwap Contract Revocation

If you’ve interacted with SushiSwap recently, it’s crucial to revoke approval for the following addresses:

• Arbitrum Nova: 0x1c5771e96C9d5524fb6e606f5B356d08C40Eb194
• Arbitrum: 0xA7caC4207579A179c1069435d032ee0F9F150e5c
• Avalanche (Avax): 0xbACEB8eC6b9355Dfc0269C18bac9d6E2Bdc29C4F
• Boba: 0x2f686751b19a9d91cc3d57d90150bc767f050066
• Binance Smart Chain (BSC): 0xD75F5369724b513b497101fb15211160c1d96550
• Ethereum: 0x044b75f554b886A065b9567891e45c79542d7357
• Fantom: 0x3e603C14aF37EBdaD31709C4f848Fc6aD5BEc715
• Fuse: 0x2f686751b19a9d91cc3d57d90150Bc767f050066
• Gnosis: 0x145d82bCa93cCa2AE057D1c6f26245d1b9522E6F
• Moonbeam: 0x1838b053E0223F05FB768fa79aA07Df3f0f27480
• Moonriver: 0x3d2f8ae0344d38525d2ae96ab750b83480c0844f
• Optimism: 0xF0cBce1942A68BEB3d1b73F0dd86C8DCc363eF49
• Polygon: 0x5097CBB61D3C75907656DC4e3bbA892Ff136649a
• Polygon ZK-EVM: 0x93395129bd3fcf49d95730D3C2737c17990fF328

IMPORTANT TOPIC: Ethereum’s Bearish Trend and Structural Break Pointing to $1120 – Market Outlook

Conclusion:

The recent crypto losses serve as sobering reminders of the ever-present risks in the crypto space. By diligently reviewing and revoking approvals for suspicious contracts, you can take proactive steps to protect your assets. Embrace these measures as part of your crypto security routine, and stay informed about the latest developments in the DeFi ecosystem to safeguard your investments. Remember, your crypto security is in your hands.

Images from EtherScanChecker