In a devastating phishing attack, a Chainlink (LINK) holder lost a staggering $4.66 million worth of cryptocurrency. The incident was brought to light by Lookonchain, a data analytics firm, through a tweet. The victim had accumulated 290,750 LINK tokens, valued at $2.26 million, through trading on various exchanges. However, they fell victim to a phishing attack when they inadvertently clicked on a phishing link and approved a transaction. As a result, the individual lost a profit of $2.4 million and a cost of $2.26 million, resulting in a total loss of $4.66 million.

This incident highlights the prevalence of approval phishing scams in the cryptocurrency space. According to a report by Chainalysis, these scams have resulted in the siphoning off of at least $1 billion in cryptocurrency since May 2021. In 2022 alone, victims lost an estimated $516.8 million to approval phishing attacks. Cybercriminals exploit human error and trust in seemingly legitimate links to carry out these attacks.

The recent Chainlink incident serves as a cautionary tale for the crypto community, emphasizing the need for caution and robust security measures. Industry experts are urging users to educate themselves about the evolving tactics employed by malicious actors in the cryptocurrency landscape.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Global
Countries
Sentiment	negative
Relevance Score	1
People	None
Companies	Chainalysis, Lookonchain
Currencies	Chainlink
Securities	None