A MakerDAO governance delegate has reportedly lost ₹90 crore ($11 million) in aEthMKR and Pendle USDe tokens. The loss occurred due to a phishing scam. The incident was detected by Scam Sniffer, a web3 anti-scam solution. The delegate unknowingly signed multiple fraudulent Permit network signatures.
The victim’s wallet, identified as 0xfb…accfa, was compromised by the scammer at address 0x73…bb96. Scam Sniffer quickly detected the breach and reported it on X. The victim was deceived into signing multiple permit phishing signatures. Crypto reporter Colin Wu stated that Arkham had identified the victim’s address as that of a MakerDAO governance delegate.
Delegates in MakerDAO play a crucial role. They vote on governance proposals, polls, and executive votes. Their decisions influence significant outcomes within the Maker protocol. MKR holders and delegates usually vote on proposals to determine their progression from initial polls to final executive votes. If approved, they’re implemented after a delay known as the governance security module (GSM).
Phishing scams occur when attackers masquerade as legitimate entities to steal sensitive information. They use wallet drainers, a type of malware, to trick users into signing malicious transactions. This leads to significant financial losses. According to a Scam Sniffer report, phishing scams drained ₹2,475 crore ($300 million) from 3.2 lakh users in 2023 alone.
Among the most severe cases, a single victim lost ₹180 crore ($24.05 million) due to phishing signatures like Permit, Permit 2, Approve, and Increase Allowance. This incident highlights the vulnerabilities even key figures in the crypto community face. The alarming trend underscores the importance of vigilance. Users must verify the authenticity of any entity they interact with and remain cautious to protect their assets from phishing attacks.
