Security analysts reported a security incident involving a phishing attack in which a crypto whale lost 15,079 Few Wrapped Duo ETH (fwDETH), valued at around $35 million.

fwDETH is a wrapped version of Duo ETH or DETH, a derivative of ETH issued by Duo — a DeFi protocol on the Blast network.

This incident occurred due to the whale's fraudulent “permit” signature, which led the attacker to drain funds from their address 0xEab2E…a393, crypto anti-scam solution Scam Sniffer first noted. Security firms, including PeckShield and BlockSec, corroborated the incident.

“Looks like the attacker lured the victim into signing a permit message offline and then used the signed permit message to drain the fwDETH token from the victim’s account,” Yajin (Andy) Zhou, co-founder of Blocksec, told The Block.

This exploit resulted in the user losing a substantial amount of fwDETH and contributed to a sharp decline in value due to the attacker's sale. Within hours of the incident, the value of DETH dropped by more than 90% from $2000 to $100 before recovering back to $1000 at the time of writing, according to data from DexScreener.

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