SNEAK PEEK

• Rocket Pool (RPL) lost over 85,000 tokens worth $3.8 million due to a phishing attack.
• The attacker dumped the stolen RPL tokens on a decentralized exchange, causing a sharp decline in the token’s value.
• The RPL token has experienced a significant price decline, dropping by 4.73% in the last 24 hours.

According to a recent Twitter post by Lookonchain, Rocket Pool (RPL), one of the largest Ethereum (ETH) staking services, has been reported to have experienced phishing, resulting in the loss of multi-million dollars.

The attacker stole 85,898 $RPL ($3.83M) from @worthalter and dumped $RPL on the #DEX.

The price of $RPL is plummeting!https://t.co/hHjVAr7faS pic.twitter.com/N72PvGjgNo

— Lookonchain (@lookonchain) March 30, 2023

The attacker transferred about 85,900 RPL that were withdrawn from “poap.eth” and then exchanged for ETH, the equivalent of $3.8 million. The address likely belongs to the founder of the POAP protocol, Patricio Worthalter.

As per the reports, the attackers dumped the stolen RPL tokens on the decentralized exchange (DEX) to liquidate their holdings and cash out. This has led to a sharp decline in the value of RPL, with the token losing over 10% of its value within hours of the attack.

As the popularity of cryptocurrencies continues to rise, so do the instances of phishing attacks in the crypto industry. Hackers are using various tactics to gain access to users’ wallets and steal their digital assets, and unfortunately, these attacks are becoming increasingly common.

On March 24th, Scam Sniffer, a platform dedicated to exposing crypto scams, announced a case where an investor lost around $4 million worth of ERC 20 tokens to a permit phishing attack.

someone lost $4m by ERC20 Permit phishing 10 minutes agohttps://t.co/siwJlGewBE pic.twitter.com/S1DdhzVqom

— Scam Sniffer (@realScamSniffer) March 24, 2023

The recent attack again highlights the need for robust security measures in the crypto industry. Cybercriminals continue to target exchanges and wallets in search of easy profits with the rise of decentralized finance (DeFi) and the increasing popularity of cryptocurrencies.

The incident has also sparked discussions on the need for greater regulation in the crypto industry. Some experts argue that stricter regulations could help prevent such attacks. However, others believe that excessive regulation could stifle innovation and growth in the industry.

In the wake of the recent news about the phishing attack on Rocket Pool (RPL), the RPL token has experienced a significant price decline, dropping by 4.73% in the last 24 hours. As a result, the digital currency is currently being traded at $42.96, with a market capitalization of $827,313,608 and a trading volume of $39,064,853.

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• Source: https://investorbites.com/crypto-chaos-as-attacker-nabs-85898-rocket-pool-tokens-worth-3-83-million/