On January 23, Wallet Connect and other web3 companies informed their users about a phishing scam using official web3 companies’ email addresses to steal funds from thousands of crypto wallets.
A Massive Phishing Campaign
Wallet Connect took X to notify its community about an authorized email sent from a Wallet Connect-linked email address. This email prompted the receivers to open a link to claim an airdrop, however, the link led to a malicious site and, as Wallet Connect confirmed, it was not issued directly by the team or anyone affiliated. Wallet Connect contacted web3 security and privacy firm Blockaid to investigate the phishing scam further.
We’ve detected a sophisticated phishing attack impersonating @WalletConnect via a fake email linking to a malicious dapp.
Blockaid enabled wallets are safe.https://t.co/quz9olGrpZ pic.twitter.com/TYS0BjIk2J
— Blockaid (@blockaid_) January 23, 2024
In the following hours, crypto sleuth posted a community alert to inform unaware users that CoinTelegraph, Token Terminal, and De.Fi team emails were also compromised, signaling that a massive and more sophisticated phishing campaign was happening. At the time of the post, around $580K had been stolen.
After investigating, Blockaid later revealed that the attacker “was able to leverage a vulnerability in email service provider MailerLite to impersonate web3 companies.”
Email phishing scams are common among cyber scammers, making users wary of most suspicious links or emails. At the same time, companies and entities advise against opening links that do not come from their official channels. In this case, the attacker was able to trick a vast number of users from these companies as the malicious links came from their official email addresses.
The compromise allowed the attacker to send convincing emails with malicious links attached that led to wallet drainer websites. Specifically, the links led to several malicious dApps that utilize the Angel Drainer Group infrastructure.
The attackers, as Bloackaid explained, took advantage of the data previously provided to Mailer Lite, as it had been given access by these companies to send emails on behalf of these sites’ domains before, specifically using pre-existing DNS records, as detailed in the thread:
Specifically, they used “dangling dns” records which were created and associated with Mailer Lite (previously used by these companies). After closing their accounts these DNS…
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