• $32M in spWETH was stolen in a phishing attack linked to Inferno Drainer, a known DeFi scam operation.
• Inferno Drainer, responsible for $215M in past crypto thefts, resurfaces with enhanced capabilities across 28 blockchains.
• Victims of crypto phishing attacks face recovery challenges due to the irreversible nature of blockchain transactions.

On the 27th of September, a phishing attack was executed, stealing 12,083 Spark Wrapped Ethereum spWETH, equal to $32 million. After the theft was conducted, CertiK ensured that the funds were transacted through other wallets afterward. Arkham Intelligence says the hacked account could be of Shixing Mao, belonging to F2Pool, but the latter has not verified it. This event points to the increasing risk for owners of cryptocurrencies due to phishing attacks.

Inferno Drainer Linked to the Attack

Users of decentralized finance may recognize the phishing scam as part of the well-known Inferno Drainer scheme. Inferno Drainer ended its activities in November 2023, having taken over $215 million from over 200,000 people. 

In May 2024, the operation emerged with improved features and backed 28 blockchain networks. With its relaunch, Inferno Drainer endangers DeFi users more than ever due to heightened vulnerability to advanced scams.

After this, the victim’s wallet posted a message stating that anyone who returned the stolen coins would receive a 20% bonus, but they heard no response. Since it is hard to reverse cryptocurrency transactions fully, tackling this problem presents significant challenges in recovering migrants’ lost assets. The case shows that more robust protection measures are necessary for safeguarding as these phishing attacks target potent members in the crypto world.

Enhanced Security Measures Needed

That is why cryptocurrency users should tighten security measures as new threats, such as phishing attacks, appear. Installing an anti-phishing toolbar on the browser and including extensions increases security or protection. 

Users must assess links and refrain from executing and signing transactions of which they are unaware. As phishing techniques evolve persistently, the defense of digital assets must be maintained to ensure no additional losses from similar cons.

The post User Loses $32M in spWETH After Sophisticated Phishing Attack Strikes appeared first on Crypto News Land.

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