about how crypto is still safer than traditional banking, or how private keys are only secure when you’re in control, are moot when you’re talking about someone who just lost $24 million.
Recently, a whale lost an astonishing $24.2 million worth of crypto, most of it in LSDs (including 4851 reth and 9579 steth). It’s a shocking loss, and begs the question: how did this happen?
It turns out that the whale had given an approval to the scammer by signing an increase allowance transaction. This is not the first time the phisher has successfully scammed victims, as they have a long list of previous victims, associated with a single address (0x4c10a462CD1e639Da8A062aE8a33a23401120ab1) and at least 10 crypto phishing sites.
The loss of such a significant amount of money is a frightening reminder of the ever-present danger of phishing scams in the crypto world. It’s easy to say that this is human error, or that the victim should have been more careful. However, this serves as a reminder that anyone can be vulnerable to such scams, regardless of their level of experience.
In the face of such losses, it’s understandable to be concerned about the security of crypto assets. After all, if a whale can be scammed, can’t the average user? It’s true that crypto is still generally more secure than traditional banking, and that private keys are only secure when you’re in control of them. But these facts are overshadowed by losses as large as $24 million. This is why crypto may never go mainstream – it’s hard for people to trust something that can be so easily lost.
Regardless of whether crypto ever goes mainstream, it’s essential that users take every precaution to ensure that their assets are as secure as possible. The only way to protect yourself is to stay vigilant and do your due diligence; no matter how experienced you are, mistakes can still be made.