An unfortunate investor recently became the latest victim of a crypto phishing scam, losing over $101,000 across multiple cryptocurrencies and blockchains. This incident underscores the persistent threat of such fraudulent schemes in the crypto space.

According to blockchain security firm PeckShield, the investor's address was drained of significant assets, including 237.8 billion OSAK worth $66,682 from the DeFi project Osaka protocol and 287 billion CAW tokens valued at $26,490. Additionally, the scam resulted in the theft of 213 HIGH worth $938 and 426 USDT on the Ethereum network. Other assets stolen include 3,000 USDC on the BNB Chain, 0.5 PENDLE, and 0.1 WBTC on Arbitrum. Despite the losses, the affected address still holds approximately $7,000 in crypto assets.

The attacker’s address, which retains the stolen assets, currently boasts a balance of roughly $220,000 across several chains. The hackers executed the scam using a multi-call function, a method that allows multiple smart contract functions to be performed within a single transaction.

This technique exploits users by tricking them into signing transactions that seem legitimate but include malicious multi-call functions. As a result, the attacker can transfer funds or interact with contracts without the user’s consent, leading to significant financial losses.

This year has seen several such phishing attacks, although the frequency has decreased. Recently, another victim lost over $674,000 in USDC to a similar scam, highlighting the ongoing risk to investors. Earlier this month, a phishing attack led to the theft of $145,000 worth of Bored Ape Yacht Club (BAYC) NFTs, with three BAYC NFTs being stolen. In April 2024, another trader lost over $180,000 in USDC and Andy tokens through a comparable multi-call tactic, which redirected funds to wallets controlled by the hackers.

Conclusion

These incidents serve as a stark reminder of the importance of vigilance in the crypto world. Investors must remain cautious and skeptical of unsolicited transactions and always verify the authenticity of transactions before approving them. As phishing scams continue to evolve, staying informed about the latest security practices and maintaining robust security measures are crucial to protecting one's assets in the volatile and high-risk crypto environment.