Over $438K stolen in latest DeFi exploit involving Beeple

Key Takeaways:

  • Harry Denley, a security analyst initially identified the hack.
  • Anything too good to be true is a fucking scam, Beeple says.
  • Over $1.6bn exploited from DeFi so far in 2022.
Beeple
Beeple’s Twitter account was hacked in the latest phishing scam.

LAGOS (CoinChapter.com) — Crypto-related hacks and scams continue to plague the decentralized finance (DeFi) sector as over $1.6 billion in crypto has been stolen from users in 2022 alone.

In the latest developments, several users were exploited on Monday following the successful hacking of Michael Joseph Winkelmann’s Twitter handle.

In detail, Winkelmann, who is commonly known as Beeple, had his Twitter account hacked as part of a phishing scam. Unfortunately, the social media handle of the top digital artist following the hack was used to perpetuate the latest crypto heist.

Through Beeple official account, the hacker shared a phishing link that, if clicked on, would steal users’ crypto. A security analyst at MetaMask, Harry Denley, initially exposed the breach, warning unsuspecting users to avoid exploitation.

However, data from Etherscan indicated that around $438,000 was stolen by the hacker via the phishing attack. Notably, the tweet shared by the hacker included a link to a website pretending to be a “raffle” of Beeple’s Louis Vuitton collaboration.

Notably, when users clicked on the link, one Ether was automatically deducted from their wallets. The phishing links were reportedly up on Beeple’s Twitter for more than five hours.

Hacker Used Beeple’s Twitter Account To Steal NFTs And Ether

It is worth noting that the hacker carted away users’ funds in two separate folds. On-chain analysis of the scammers’ wallets indicated that the first phishing link gathered 36 Ether ($73,000).

Beeple, Over $438K stolen in latest DeFi exploit involving Beeple
Outgoing transactions from the hacker’s wallets. Source: Etherscan

The second phishing link amassed around $365,000 worth of Ether and top non-fungible tokens (NFTs). The collectibles stolen included Otherdeeds, Mutant Ape Yacht Club, and VeeFriends.

Furthermore, reports disclosed that the scammer already sold the NFTs on OpenSea and has transferred the loots into a crypto mixer.

Beeple has since secured his account back, tweeting that his account was back to normal. The digital artist further urges his users to participate in online giveaways.

“Stay safe out there, anything too good to be true IS A FUCKING SCAM. And as side note, there will never be a SURPRISE MINT I mention one time in one place starting at 6am Sunday morning.”

Beeple said.

More Than $1.6bn Exploited From DeFi In 2022

In another development, it is worth noting that the amount stolen via crypto heist this year already surpassed the total amount stolen in 2020 and 2021 combined.

Data from blockchain security firm CertiK indicated that the DeFi sector had already lost over $1.6 billion from hacks this year. Also, Cybersecurity experts have identified and decried the rising popularity of airdrop phishing among crypto and NFT scammers.

In a new report, Malwarebytes Labs observed that the rise in airdrop phishing attacks is alarming. It pointed out that scammers are trying to cash in on the growing hype surrounding Yuga Labs’ BAYC Ape-related NFT collection.

The firm indicated that the most common phishing tricks involve using fraudulent websites portrayed as a legitimate platforms. As a result, users who visit these websites are defrauded, and their funds are stolen.

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Beeple, Over $438K stolen in latest DeFi exploit involving Beeple

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