Scammer Takes Away $341k in $FET in Latest Phishing Attack

The Web3 community has recently incurred more losses in a significant phishing attack. As per Scam Sniffer, a popular Web3 anti-scam platform, an exploiter has stolen $341,103 in $FET coins via a single malicious transfer after the victim mistakenly signed phishing signatures “permit2.” The anti-scam firm took to social media to provide the details of this incident.

🚨 ALERT: $341,103 worth of $FET tokens stolen 1 hour ago after victim signed malicious “permit2” phishing signatures.

🔐 Pro tip: Never sign signatures you don’t fully understand. pic.twitter.com/DLS6ZRFMt5

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) November 16, 2024

Victim Loses $341,103 in $FET in a Phishing Scam via Malicious ‘permit2’ Signature Mechanism

The scam resulted in a loss of $FET with a value of $341,103 following the victim accidentally authorizing the scammer. Scam Sniffer pointed out that the exploiter leveraged the phishing signature “permit2” to get into the wallet of the victim. The victim unknowingly granted the wallet access to the exploiter by signing the malicious permit2 mechanism. As a result of this, the attacker effectively stole away the hard-earned funds of the victim.

Permit2 mechanism operates as a feature that several of the decentralized applications for the simplification of token approvals. However, the exploiter utilized it to take away the funds of the victim. After the victim reportedly signed the respective fraudulent signature, the exploiter rapidly drained the funds. Cumulatively, the attacker pocketed $341,103 in Fetch AI ($FET).

Scam Sniffer Highlights Recommendations for Users to Prevent Phishing Scams

While highlighting this incident, Scam Sniffer also provided some instructions for the users to prevent such incidents. The chief recommendation is the verification of the signature requests as most of the phishing attempts are done due to this. Secondly, scammers create pressure on the victims, tricking them into skipping the verification of the request’s authenticity. Hence, users should not rush to avoid scams. Moreover, leveraging anti-scam tools is another recommendation. Furthermore, Scam Sniffer advised users to stay informed about the latest developments concerning phishing scams to avoid them.

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