Crypto trader loses over $11 million in phishing attack, exploited for Maker and Ethena tokens
- A crypto trader lost $11.1 million in Maker and Ethena tokens to an exploit.
- The exploiter sold $8.7 million in Maker and swapped Ethena tokens for Ether.
- Maker suffered a price drop in the aftermath of the exploit, MKR recovered to $2,391, early on Sunday.
- Maker on-chain metrics turn bearish, supply on exchanges and social dominance hits its highest point in a year.
Maker (MKR) on-chain metrics paint a bearish picture for the asset. A wallet address suffered an exploit for 3,657 MKR tokens worth $8.7 million and 2.56 million Ethena tokens worth $2.4 million.
MKR price was hit by a correction and gained ground, posting 1.11% gains on Sunday.
Crypto wallet hacked for Maker and Ethena
On-chain data tracker Lookonchain tracked a crypto wallet address that was exploited for 3,657 MKR (worth $8.7 million) and 2.56 million Ethena tokens (worth $2.4 million). The exploiter sold MKR for Ether and caused the price to drop by nearly 7%.
MKR regained lost ground and rallied 1.11% on Sunday. The exploiter sold Ethena tokens worth 689 Ether, $2.41 million.
Someone lost $11.1M in a phishing attack 5 hrs ago!
— Lookonchain (@lookonchain) June 23, 2024
He was exploited for 3,657 $MKR($8.7M) and 2.56M PT Ethena tokens($2.4M).
The exploiter sold 3,657 $MKR for 2,502 $ETH($8.7M), causing the price of $MKR to drop by 7%.
And swapped 2.56M PT Ethena tokens for 689 $ETH($2.41M).… pic.twitter.com/PNcQNCZ9Pc
Data from on-chain intelligence tracker Santiment shows that on-chain metrics have turned bearish. Maker supply on exchanges hit its one year peak, alongside social dominance. The rise in supply on exchanges is associated with a decline in the asset’s price, due to rise of selling pressure on the token.
Social dominance measures the dominance of the asset, its share in crypto discussions across social media platforms.
 [10.48.20, 23 Jun, 2024]-638547248837475161.png)
Social dominance and supply on exchanges as seen on Santiment
Maker price is $2,378 at the time of writing. The asset is up 1.11% in the past 24 hours. Ethena is up under 1%, trading at $0.605 on Binance.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
