Phishing Scam Costs Victim $5.62M in Pendle Yield Tokens

A victim recently lost $5.62 million worth of Pendle yield tokens due to a phishing scam involving a permit signature, according to Scam Sniffer. The victim’s address is 0xee6a16d8c3f33d920865a69508339174aba98f05, and the scammer’s address is 0xad37170da05c5ef09d10918e891b0721932cfa6f.

5 mins ago, a victim lost $5.62 million worth of Pendle yield tokens due to signing a Permit phishing signature. pic.twitter.com/VhqQuTuYsM

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) May 18, 2024

Phishing Scams Lead to $10M Loss in Pendle Tokens

Similar phishing scams have led to the theft of at least $10 million in Pendle yield tokens in recent months. Victims typically sign approvals associated with their yield tokens that unknowingly approve the scammers to gain access to the funds.

The vast majority are Permit phishing signatures in which users endorse bogus approvals, giving the scammers the ability to transact and transfer tokens out of their wallets. Among the prominent phishing thefts are those of more than $1 million, totaling $9.04 million in stolen tokens, with most related to Pendle yield tokens.

Phishing Scams Highlight Need for Increased Crypto Security Awareness

Permit phishing signatures persuade users to sign harmful contracts, causing them to lose their digital assets. It is advisable to inquire about authorization carefully before signing a yield token approval. Checking notice and asking for the source of the demand is critical to rule out potential phishing instances that lead to severe financial losses.

It is recommended that users must turn on two-factor authentication, mention the use of hardware wallets, and evaluate account permissions regularly. Thus, customers may recognize how to stay safe against phishing attacks.

This incident underscores the significance of taking a new look and awareness for the crypto asset sector. One should be cautious and proactive while investing in digital assets, as comprehensive malicious scams are expected to occur.