Crypto Hack Weekly Report: Whale Loses $55M, McDonald’s Scammed, WazirX Recovers

The post Crypto Hack Weekly Report: Whale Loses $55M, McDonald’s Scammed, WazirX Recovers appeared first on Coinpedia Fintech News

Last week was tumultuous in the crypto world, with several high-profile events impacting investors, companies, and exchanges alike. From a massive $55 million phishing attack to an Instagram hijacking scam and ongoing recovery efforts, the weaknesses in the crypto sector were starkly revealed.

Here’s a look at the key developments:

1. $55 Million Phishing Attack: Crypto Whale Faces Huge Loss

On August 20, a crypto whale lost about $55. 47 million in Dai (DAI). The case happened during the whale’s interaction with the DeFi protocol, Maker, where the whale by mistake executed an unverified transaction that made him lose ownership of the funds.

After the ownership was changed the attacker proceeded to cash out, exchanging half of the stolen Dai for 10,625 Ether (ETH). Although the mistake was noticed and the whale tried to buy the remaining crypto to minimize the loss, the change of ownership did not allow the reversal of the transaction and the overall loss became one of the major individual losses of the year.

2. McDonald’s Instagram Account Hijacked: $700,000 Stolen in Meme Coin Scam

On August 21, McDonald’s official Instagram account was hijacked by hackers who promoted a fake cryptocurrency called Grimace. The scam, led by the group India_X_kr3w, tricked followers into investing, resulting in a $700,000 loss.

Blockchain analytics firm Bubblemaps found that over 75% of Grimace tokens were controlled by the hacker through multiple addresses, executing a pump-and-dump scheme. The token’s market cap briefly soared to $25 million before collapsing back, highlighting the risky nature of such scams.

McDonald’s has since regained control of their Instagram account, but this incident underscores the growing threat of crypto scams targeting major social media platforms.

3. WazirX Resumes INR Withdrawals After $230 Million Cyberattack

Indian cryptocurrency exchange WazirX is gradually restarting INR withdrawals following a cyberattack on July 18 that stole over $230 million in cryptocurrencies. Starting August 26, users will be able to withdraw up to 66% of their INR holdings as part of a phased recovery plan.

However, cryptocurrency withdrawals are still on hold as WazirX works to resolve the long-term effects of the breach. The exchange has assured users that they are committed to protecting their funds and will fully reopen for crypto withdrawals, though a specific timeline has not been announced.

Also Read: WazirX Users to Access 66% of INR Balances Amid $230M Cyber Attack Aftermath

What do you think of these recent crypto incidents?