$32M spWETH Stolen in Phishing Attack Targeting High-Profile Wallet

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A high-profile crypto wallet ending in “e57” recently became the victim of an advanced phishing attack. This led to the theft of 12,083 Spark Wrapped Ethereum (spWETH) tokens, valued at an eye-watering $32 million.

According to cybersecurity firm CertiK, the stolen funds were swiftly dispersed, with 10,000 spWETH, worth $26 million, initially transferred to a wallet beginning with “0x471c.” From there, the attackers further moved the funds into four additional wallets in smaller amounts, making it more difficult for investigators to track and recover.

Attack Details

The initial transfer was followed by a series of smaller transactions. Approximately 1,750 ETH was sent to a wallet starting with “0x105c,” while 2,613 ETH was moved to an address starting with “0x278d.” Additionally, another 3,730 ETH was directed to a wallet beginning with “0x408d,” and the final 1,865 ETH found its way to a wallet starting with “0xfaf2.”

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The incident may have ties to Shixing Mao, the founder of F2Pool, as suggested by data from Arkham Intelligence. However, this information remains unverified at the time of writing, with security experts still working to confirm the identity of the wallet’s owner.

Phishing Attacks Surge, Claiming High-Profile Victims

Phishing scams have become a growing threat within the cryptocurrency world, and this latest attack is a glaring example of the evolving sophistication of these attacks. In January, approximately 66,000 Trezor hardware wallet users fell victim to a phishing attack, sparking concerns about the security of these devices.

Similarly, in April, phishing scam ads targeted users of Ethereum’s blockchain explorer, Etherscan, causing victims to lose funds through a malicious method known as wallet draining

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August 2024 alone saw a staggering 215% rise in phishing-related incidents, according to Scam Sniffer, a blockchain security firm. During this period, total losses reached over $66 million, with one wallet losing an unprecedented $55 million in a single attack.

New Tools of Deception

Phishing attacks are becoming more advanced, with the launch of AngelX in September 2024—an upgraded phishing tool that has wreaked havoc on unsuspecting crypto holders. In just four days, AngelX deployed over 300 malicious decentralized applications (DApps), specifically targeting blockchain users on networks like Tron TRX and The Open Network (TON).

These scams are also taking advantage of seemingly trusted platforms. Earlier this month, Scam Sniffer uncovered that search engine DuckDuckGo was displaying fraudulent Etherscan sites, leading users to connect their MetaMask wallets. Once connected, hackers easily drained the funds.