An individual recently lost more than $180,000 in USD Coin (USDC) and ANDY, a new meme coin based on Pepe, due to a hacking attack on the Ethereum network. This was bad news for people who bought cryptocurrencies. Data from Etherscan shows that the attack happened quickly on April 23 between 5:39 UTC and 6:29 UTC.
The thieves set up a complicated email scam that used multiple function calls in a single transaction. Each call seemed harmless, but they were using the wrong approach.
Trader’s Account Drained Hackers Siphon Over 1.6 Billion ANDY Tokens and $162,400 in USDC
Many bitcoins left the victim’s address and went to several wallets that the hackers controlled. Etherscan saw that some of these wallets looked like they were attempting to steal the funds in them. Over 1.6 billion ANDY tokens, worth $162,400 and 17,913 USD, were lost. The victim lost all the money in their account, and now they are only worth $32 in Ethereum (ETH) and Arbitrum (ARB).
The stolen goods were kept at one address, but all accepted ANDY tokens were quickly changed to Wrapped Ether (WETH) on Uniswap and sent to a different address.
Attacks like these often use the way people use smart contracts against them. Contracts that look like normal DeFi business are made by bad people. People who use these contracts don’t know about the calls that let attackers take their tokens.
The same attack took place last month and cost a huge $674,000 in USDC. The attackers quickly sent the items to the Ox protocol so that they could be sold. A new study says that over 57,000 crypto users lost $46 million in February alone. This is because of more phishing scams.
