Terra users lost $4.31 million due to phishing attack

Users of the Terra network and its many decentralized finance (DeFi) platforms have been the victims of a phishing attack by cybercriminals. The criminals used Google’s advertising tools and launched fake campaigns to steal users’ digital funds.

It became known that malicious advertising appeared in the first place for the search query Terra in the Google system. As a result, the hackers managed to steal about $4.31 million in cryptocurrency. All funds were stolen between April 12-21, 2022 and transferred to one wallet from 52 different sources.

The phishing attack was discovered and flagged by the Slowmist team. Experts assured that users of the Terra network and protocols such as Anchor Protocol, Nexus and Astroport Finance lost their funds. The security team analyzed the phishing attack and concluded that the fake advertising campaign was initiated by professionals. Everything was done very clearly, which is why it did not arouse suspicion on the part of gullible users who lost a significant amount of money.

According to Slowmist, there were links in the Google ads that looked very believable. As a result, they redirected users to a fake domain that offered users to connect their Terra wallets. Trusting clients entered a passphrase to access the vault, after which they were deprived of all cryptocurrency assets.

Earlier edition informed that the Beanstalk DAO DeFi protocol team offered a deal to a hacker who attacked their service. The management asked the attacker to return the stolen digital assets. For this, they promised him a reward of 10% of the total amount of stolen funds. The developers said that the project lost $76 million as a result of the attack.

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