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- Bill Lou, CEO and co-founder of Nest Wallet, fell victim to a cryptocurrency phishing attack, losing 52 stETH ($125,000).
- The attack involved a fake Airdrop instruction for the new LFG Token , which sought to attract high Ethereum spenders to Solana.
Co-Founder and CEO of Nest, a security-focused cryptocurrency wallet app, fell victim to a phishing attack while trying to claim what he thought was a real Airdrop , causing a loss of 52 stETHToken worth 125,000 USD.
The LFG Token Airdrop , which stands for “less fees and gas,” rewarded Ethereum users who spent more than $4,269 on transaction fees since 2016 for their inclusion on the Solana blockchain yesterday.
A fake website imitating the official LFG Token has appeared to steal users' funds. Lou is one of the famous victims of this scam.
“I just got scammed out of $125k in stEth trying to get the LFG Airdrop ,” Nest Wallet Co-Founder Bill Lou posted on X today.
Lou clicked on a link from an article at the top of a Google search that led to a scam website. “I XEM a tutorial article about Airdrop and clicked on the link to sign a transaction. I didn't even question it,” Lou explained. He said he is using MetaMask instead of Nest because he “installed the test version and is fixing some bugs.” Lou added that if he uses his own product, the wallet will keep it.
“Trading simulation is a must,” Lou told The Block. “Nest Wallet has this feature built in but MetaMask completely lacks it. This could have been completely avoided.” Lou also advises users to always search official X accounts for links and XEM multisig wallets for added security.
Fake link and X account
Lou appears to not be the only one affected by such scams, as other victims reported having their wallets emptied after clicking on similar fake links through the account Fake X.
Acknowledging this problem, the project behind LFG posted: “We are aware of some scam accounts impersonating us and are reporting them. Please do the same and help protect other users.”
According to the project, a total of 400 billion LFG will be Airdrop into 387,000 eligible wallets, with unclaimed Token being burned over a period of one month. The Token is currently worth $0.000069, according to CoinGecko data. To date, approximately 25,000 users have received LFG Token on Solana.
Blockaid, a web3 security vendor working with MetaMask, has observed more and more malicious “drainer groups” migrating to Solana, due to the network's growing popularity and usage in recent months. .
The company warned some of its users earlier today, assisting in protecting assets from being stolen by LFG Token counterfeit websites in the past few hours. “These withdrawal tools are sophisticated and can fool the simulations used by the Solana wallet, causing users to unwittingly sign malicious transactions,” Blockaid noted.
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