Venus Protocol user suffers $27M loss from phishing attack

Venus Protocol paused the platform to conduct security reviews but said the $27 million loss was not linked to a flaw in its contracts.

A decentralized finance (DeFi) trader lost $27 million in crypto after falling victim to a phishing scam, according to blockchain security firm PeckShield. 

PeckShield reported on Tuesday that a user of the DeFi lending platform Venus Protocol saw crypto assets worth $27 million disappear in a phishing attack. 

A phishing attack is a type of scam where attackers trick victims into granting malicious permissions or revealing sensitive information by pretending to be a legitimate source. In this incident, the user approved a malicious transaction, allowing the attacker to drain stablecoins and wrapped assets from its balance. 

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