Hack Shocks Decentralized Finance (DeFi) Protocol! $27 Million Stolen from a User! Here Are the Details

Blockchain security platform PeckShieldAlert announced that a user on Venus Protocol, a decentralized finance (DeFi) protocol, was the victim of a serious cyberattack. Venus Protocol User Loses $27 Million to Phishing According to the statement, the user lost approximately $27 million worth of assets as a result of a phishing attack. The attack reportedly occurred when a user approved a malicious transaction. This transaction authorized the attacker to transfer tokens from the user's account. PeckShield shared the wallet address used in the attack as 0x7fd8…202a. Once this transaction was approved, the attacker quickly transferred the victim's assets to their own account. Phishing attacks like these, common in the crypto ecosystem, are typically carried out through fake links, email messages, or fraudulent apps. Users authorizing transactions to unofficial addresses can lead to significant losses. Experts emphasize the need for extreme caution when approving transactions, especially on DeFi platforms. Checking transaction authorizations, following links from trusted sources, and tightening wallet security settings are considered key protections against potential attacks. This latest incident once again revealed that DeFi poses serious security risks alongside the opportunities it offers, reminding investors of the principle of “security first.” *This is not investment advice. Continue Reading: Hack Shocks Decentralized Finance (DeFi) Protocol! $27 Million Stolen from a User! Here Are the Details