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MakerDAO Governance Delegate Loses $11M in Phishing Scam, Highlights Crypto Security Risks

Jun 23, 2024

MakerDAO Governance Delegate Loses $11M in Phishing Scam, Highlights Crypto Security Risks
MakerDAO Governance Delegate Loses $11M in Phishing Scam, Highlights Crypto Security Risks
MakerDAO Governance Delegate Loses $11M in Phishing Scam, Highlights Crypto Security Risks

MakerDAO governance delegate lost $11 million worth of Aave, Ethereum, Maker (aEthMKR), and Pendle USD (pUSDe) tokens in a phishing scam where they unwittingly signed multiple malicious transactions. The incident was flagged by Scam Sniffer on June 23, revealing that the delegate fell victim to phishing techniques that allowed scammers to transfer 3,657 aEthMKR tokens to an unauthorized address within seconds. This delegate, a pivotal figure in MakerDAO's governance framework, plays a crucial role in voting on proposals and executive decisions within the protocol. Phishing scams targeting crypto holders have been on the rise, with approval phishing methods increasingly used to deceive victims into signing transactions that give scammers access to their wallets. These scams have become more sophisticated, leading to significant financial losses across the crypto community, highlighting ongoing security challenges in the digital asset space.