Cryptoval loses $ 35 million in the Blast Network by phishing attack

• A cryptoval has lost $ 35 million of Fweth in the Blast network due to a phishing permit attack.
• The attacker deducted 15,079 Fweth, which led to a price drop from $ 2,000 to $ 100.
• The incident raised security concerns in Defi and had an impact on checking the Blast network.

A cryptoval recently lost to the Blast network FeW Wrapped Duo ETH (Fweth) token worth around $ 35 million.

First the attack marked by scam sniffer and later confirmed by the security companies PeckShield and Blocksec after the victim was unknown Significant "permission" signature had signed that made it possible for the attacker to withdraw funds from his wallet.

What is FEW Wrapped Duo ETH (Fweth)?

FEW Wrapped Duo ETH or Fweth is a packaged version of Duo ETH (Deth), a derivative of Ethereum (ETH), which is published by Duo, a decentralized financial protocol (Defi) that is operated in the Blast network.

The stolen tokens, a total of 15,079 Fweth, represent a significant loss for the whale, whose wallet address is identified as 0xeab2e… A393.

How was the phishing attack organized on Blast?

Security experts found that the phishing attack was carried out by the fact that the whale was tempted to sign an offline “permission” message that is often used in defi transactions to authorize token transfers without using private keys directly.

According to Yajin (Andy) Zhou, co-founder of Blocksec, the signed approval message was then used by the attacker to remove the Fweth token from the victim's account.

This incident had immediate consequences not only for the whale, but also for the whales Price of deth .

Within a few hours after the attack, Deth's price crashed by over 38 % and fell from $ 3,482 to $ 2,150, since the attacker liquidated the stolen tokens.

The Price of Fweth also by $ 2,000 to $ 100 $ fell. While the token price later stabilized and partly recovered to $ 1,000, the strong decline caused shock waves in the entire blast network and in the wider crypto community.

This phishing attack underlines the persistent security risks that are exposed to crypto investors, especially those who have large amounts of digital assets.

The Blast network and the associated protocols could now be exposed to a more detailed examination due to the incident.