Cryptocurrency Investor Loses Over $180,000 in Phishing Attack on Ethereum

The world of cryptocurrency has once again been rocked by a phishing attack, this time resulting in a loss of over $180,000 for one unfortunate investor. The attack, which targeted Ethereum and involved the recently launched meme coin ANDY, took place in a span of just one hour on April 23.

According to data from Etherscan, the attackers used a multi-call phishing attack to drain the victim’s account. By combining multiple function calls into a single transaction, the perpetrators were able to execute their malicious scheme without raising suspicion. The result was a loss of over 1.6 billion ANDY tokens and 17,913 USDC, leaving the victim with just $32 worth of Ethereum and Arbitrum.

The attackers wasted no time in moving the stolen assets to various wallets, with some of these wallets already flagged as phishing wallets by Etherscan. One of the addresses held onto the loot, while the other quickly swapped the ANDY tokens for WETH on Uniswap before transferring them to a new address.

This latest attack is just one in a series of similar incidents that have plagued the cryptocurrency world in recent months. In fact, a report revealed that over 57,000 crypto users lost a total of $46 million to phishing attacks in February alone. As the prevalence of these schemes continues to grow, investors are urged to exercise caution and remain vigilant when interacting with smart contracts and unfamiliar wallets.