Scam Alert: Crypto Hackers Swipe $12 Million in LINK, SAVM, USDT, and More Tokens

 

In a shocking revelation, the cryptocurrency world has been rattled by a major scam, with hackers siphoning off over $12 million worth of various tokens including LINK, SAVM, USDT, USDC, BUSD, and SUPER among others. This incident has once again brought to light the vulnerabilities in crypto security systems, as well as the increasing sophistication of cybercriminals targeting the digital asset space.

 

Details of Recent Crypto Scam

The scam, which unfolded over a period of five days, saw $12 million vanish from the wallets of four victims. This underscores the urgent need for heightened security measures within the cryptocurrency ecosystem. One of the key methods employed by the hackers was the exploitation of create2, a widely used tool, to target temporary addresses and bypass security measures such as address blacklists.

The affected tokens include some of the most prominent names in the crypto space, such as Chainlink (LINK), SatoshiVM (SAVM), Optimism (OP), Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and SuperVerse (SUPER). This wide-ranging attack has sent shockwaves through the community, raising concerns about the safety of digital assets and the effectiveness of existing security protocols.

How Did the Scam Unfold?

According to reports from Scam Sniffer, a leading Web3 scam tracking platform, the perpetrators of the scam utilized the ERC20 permit as a weapon to intensify the impact of their attacks. This tactic, which involves exploiting temporary addresses and utilizing collateral tokens such as LP tokens and NFTs, has become increasingly prevalent among cybercriminals.

The use of ERC20 permit signatures has emerged as a primary modus operandi for such scams, posing a significant threat to unsuspecting users. In many cases, these signatures are disguised as legitimate ERC721 signatures, leading users to unwittingly approve gasless token transactions.

Impact on Victims and Market

The consequences of the scam have been devastating for the victims involved. One individual lost a staggering $2.34 million worth of SUPER tokens to a phishing attack, resulting in an immediate 20% decline in SUPER’s market capitalization within a mere 45 minutes. This highlights the swift and severe repercussions that such incidents can have on both individual investors and the wider cryptocurrency market.

FAQ

1. What is create2 and how was it exploited in this scam?

• Create2 is a standard tool used in the Ethereum ecosystem for deploying smart contracts. In this scam, hackers exploited create2 to target temporary addresses and circumvent security measures.

2. Which tokens were affected by the scam?

• The scam targeted a variety of tokens, including Chain-link (LINK), SatoshiVM (SAVM), Optimism (OP), Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and SuperVerse (SUPER), among others.

3. How can users protect themselves from similar scams?

• Users can protect themselves by exercising caution when interacting with unfamiliar smart contracts or token approvals. It’s important to verify the legitimacy of transactions and utilize secure wallet solutions.

4. What are ERC20 permit signatures and how are they used in scams?

• ERC20 permit signatures are used to approve token transactions without requiring gas fees. Hackers exploit these signatures by disguising them as legitimate ERC721 signatures, leading users to unknowingly approve fraudulent transactions.

Conclusion

The recent crypto scam, which saw hackers steal millions of dollars worth of digital assets, serves as a stark reminder of the vulnerabilities inherent in cryptocurrency systems. As the industry continues to evolve, it is imperative that users remain vigilant and take proactive measures to safeguard their assets against such threats. Additionally, stakeholders across the crypto ecosystem must work together to strengthen security protocols and protect investors from malicious actors.