Renowned NFT artist DeeKay has fallen victim to a severe cybercrime incident, resulting in the theft of his entire crypto fortune. The attack occurred during a 14-hour flight from South Korea to New York, leaving DeeKay without internet access and unable to prevent the breach.
The artist suspects that his seed phrase may have been compromised, possibly through a synced photo on Google Drive or physical exposure. Despite the comprehensive nature of the attack, DeeKay noted that while all his funds were stolen, his NFT collection remained intact.
Impact and Recovery Efforts
The hack has left DeeKay in a precarious financial situation, describing it via his X space as potentially “the biggest challenge in my life.” The artist expressed particular concern for his family members who depend on him financially, emphasizing the urgent need to recover and continue supporting them.
In response to the attack, DeeKay has begun transferring his valuable NFTs to a new address as a precautionary measure. The incident highlights the vulnerabilities that even well-established figures in the crypto space can face, and underscores the importance of robust security measures for digital assets.
Ongoing Threats in the Crypto Space
DeeKay’s case is not isolated, as evidenced by other recent high-profile hacks in the cryptocurrency world. Continue Capital co-founder Lin Xiahong recently became a victim of a separate incident, which he humorously described as being “forced to do charity.” In this case, a user lost over 35million dollars in a phishing attack and as a result around 15,079fwDETH.
The attacker attempted to exchange DETH for ETH through a swap transaction, but due to insufficient liquidity in the DETH pool, only managed to convert 14,079 DETH to 2,288 ETH. Analysis suggests that the compromised address may be linked to Continue Capital, further complicating the situation.
Phishing Attacks and Preventive Measures
The recent wave of attacks has shed light on the sophisticated methods employed by hackers, particularly the use of Permit signatures for phishing. This technique allows attackers to gain authorization through offline signatures, bypassing the need for explicit Approve transactions and gas fees.
After getting access to the victim, the attacker has full control over the victim’s assets. Hpwever, these are scary reminders that cryptocurrency ecosystem is not entirely secure. This emphasizes the necessity of users who need to stay vigilant, implementing multi-factor authentication as a matter of course, periodically checking the most up to date security protocols and extreme caution when working with unfamiliar platforms as well as when responding to requests for sensitive information.
Also read
Ronin Network Under Investigation After $9.33M Suspected Hack
Indian Crypto Exchange WazirX Hacked, $234.9M Funds Compromised
Crypto Scam Alert: FBI Exposes Ichcoin’s Fraudulent Investment Scheme