Phishing Scams Wreak Havoc on Base Chain: $2M Lost in Just 24 Hours

The post Phishing Scams Wreak Havoc on Base Chain: $2M Lost in Just 24 Hours appeared first on Coinpedia Fintech News

Over the past 24 hours, the Base network has faced havoc, which extended the damages to a slash of more than $2 million from the phishing attack. These undeniably sad cases bring forth the constant danger of being tricked by the most productive schemes among the cybercriminals, with their persistently committing frauds against the cryptocurrency users at bay.

In this instance, as flagged by Scamsniffer, the last victim had experienced a shocking robbery for $1.2 million worth of AERO tokens by a phishing scam. Just a few hours back, someone else had been a victim of a phishing attack. As the individual was tricked into signing double spending, the ERC20 Permit succeeded in stealing $ 846,610 worth of $DEGEN tokens from the unsuspecting individual.

Munchables hacked on Base network

This Disses belongs to a bigger problem, with the Munchables attack representing just one of many manifestations of the varying vulnerabilities in the crypto environment. Sadly, a NFT video game called Munchables situated on the Ethereum layer 2 Blast network insured a hack in late March, which managed to steal an estimated $62 million worth of assets. Though the stolen crypto was later recovered in a white hat rescue, it undermines the weaknesses in the network protocol.

Is the EVM design responsible for these hacks?

These apparent losses are a direct result of the highly vulnerable EVM design that is subject to common problems like lack of security extensions, and hence, over $2 million got stolen in a mere 24 hours through buggy smart contract flaws.

More specifically, this dreading has to do with the activation of ERC-3074, which envisages a big chance for the token owners. Phishing cryptocurrency wallets can allow malicious persons to remove all tokens and NFTs from the account of the user with a fake signature and make the impact of this kind of malware attack even larger.

These incidents clearly show an urgency for all-around security approaches and safeguards ensuring the safety of users and their crypto assets while using cryptocurrencies.