PeckShield reported on Tuesday that a user of Venus Protocol lost $27 million worth of crypto assets due to a phishing attack.
Phishing attacks are a form of fraud. Attackers typically disguise themselves as legitimate sources to trick victims into granting malicious permissions or disclosing sensitive information. In this incident, the user mistakenly approved a malicious transaction, allowing the attacker to transfer stablecoins and wrapped tokens from their account.
On-chain data shows that the stolen wallet held approximately $19.8 million in vUSDT and $7.15 million in vUSDC at the time. After the user signed the malicious authorization, the attacker immediately transferred these assets.
The official social media account of Venus Protocol responded to community concerns in discussions on the X platform, confirming that there are no vulnerabilities in its smart contracts.
When users inquired whether the incident was due to user error, Venus responded that the event was likely caused by user error and stated that the protocol would be paused for a security review.
"As it stands, that is indeed the case. We will keep everyone updated on the progress during the investigation," Venus Protocol wrote. "The protocol has been paused and a security review is underway."
The latest phishing attack has contributed to an increase in the number of cryptocurrency thefts since early September. According to SlowMist founder Yu Xuan, on Tuesday, holders of World Liberty Financial (WLFI) governance tokens fell victim to a known phishing wallet attack.
On the same day, the decentralized exchange (DEX) Bunni paused all contract functions due to a security vulnerability in its Ethereum smart contract. Security firm BlockSec Phalcon estimated that the protocol lost approximately $2.3 million in this attack.
These attacks in early September continued the losses from the previous month. In August, cryptocurrency attacks resulted in 16 incidents totaling over $163 million in losses. Hank Huang, CEO of Kronos Research, told Cointelegraph that as prices rise, incidents of cryptocurrency attacks tend to increase as well.
Related: Bitcoin returns to $110,000, but analysts say the BTC market remains "fragile"
Original: “Venus Protocol user loses $27 million due to phishing attack”
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