Last week, Venus Protocol announced the return of stolen assets to a user who fell victim to a phishing attack.
Phishing Attack and Asset Loss
On September 2, Kuan Sun, CEO of Eureka Trading, became a victim of a phishing attack, losing assets including USDT and USDC worth about $13 million after signing a fake Zoom transaction that gave an attacker token approval.
Swift Response from Venus Protocol
Venus Protocol stated that the platform was not hacked, but an individual user was targeted. The team conducted a post-incident analysis and managed to return $11.4 million of stolen assets in less than 12 hours. In a platform post, it was stated: 'After conducting diligence checks, we are happy to share that we have officially returned Kuan Sun's positions.'
Rising Issue of Crypto Scams
The last month saw a record number of crypto-related scams, with total losses exceeding $163 million. As the industry continues to evolve, it faces ongoing challenges regarding the security of assets.
The return of funds to the user emphasizes the importance of quick responses in the event of attacks, while also highlighting the growing risks in the crypto industry.
