MonoSwap Hack: Phishing App Grants Unauthorized Access

IconCryptoNewsTerminal Staff24 Jul, 2024

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MonoSwap Hack: Phishing App Grants Unauthorized Access

DeFi users remain on high alert as news of another hack rocks the industry. MonoSwap, a decentralized exchange (DEX) built on the Blur-led layer-2 network BLAST, has fallen victim to a sophisticated phishing attack. The hack resulted in the loss of a substantial amount of liquidity from the protocol's farming pools. In an official statement via X (formerly Twitter), MonoSwap alerted users of the incident, urging them to refrain from adding liquidity or staking assets to prevent further losses. The DEX provided a detailed explanation of the hack, revealing that one of its developers fell prey to a phishing attempt while on a call with a scammer posing as a venture capitalist. The malicious actor tricked the developer into installing a phishing app called "Kakaocall" from the domain kakaocall.kr. This app granted the scammer access to MonoSwap-related wallets and contracts, enabling the theft of liquidity. MonoSwap expressed regret over the incident, citing it as a consequence of the team's efforts to secure funding for the protocol's growth. The DEX emphasized its commitment to enhancing security measures and urged users to remain vigilant against potential phishing attacks.

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