Scam Sniffer's 2024 mid-year phishing report reveals alarming statistics: in the first half of 2024 alone, 260,000 victims lost $314 million on EVM chains, with 20 individuals losing over $1 million each. One unfortunate victim suffered an $11 million loss—the second-largest theft in history.
The report highlights that most ERC20 token thefts originate from phishing signatures like Permit, IncreaseAllowance, and Uniswap Permit2. Large-scale thefts often involve platforms like Staking, Restaking, Aave collateral, and Pendle tokens. Victims are typically lured through fake Twitter accounts directing them to phishing sites.
Phishing attacks remain a critical threat in blockchain security. As a foundational gateway for user transactions, OKX Web3 Wallet prioritizes security enhancements and user education. The platform recently upgraded its risk transaction interception features targeting high-frequency phishing scenarios, with plans to expand risk detection capabilities.
This article explains OKX Web3 Wallet's four upgraded risk interception features, their applicable scenarios, and the mechanics behind common theft cases.
1. Malicious Authorization to EOA Accounts
Recent months have seen numerous high-value thefts from signature phishing:
- June 26: A user lost $217,000 signing multiple phishing signatures on a fake Blast website
- July 3: ZachXBT reported 6 BAYC NFTs and 40 Beans stolen (worth $1M+) from address 0xD7b2
- July 24: A Pendle user lost $4.69M in PENDLEPT restaking tokens via Permit phishing signatures
Most scenarios involve tricking users into authorizing a hacker's EOA (Externally Owned Account). Hackers often disguise authorization requests as benefits or promotions.
Types of Authorization Risks:
- Approve: Standard ERC-20 method allowing third parties to spend tokens
- Permit: Offline signature authorization vulnerable to phishing
- Permit2: Uniswap's feature requiring one-time Gas payment, exploited by attackers
👉 Learn how to spot phishing attempts
OKX Web3 Wallet Protection:
The wallet analyzes pending transactions. If authorization to an EOA is detected, it triggers alerts to prevent asset loss.
2. Malicious Account Ownership Changes
Common on TRON and Solana, these attacks occur when users sign transactions transferring ownership rights.
TRON Permission System:
- Owner Permission: Highest authority to modify permissions
- Witness Permission: Super Representative voting rights
- Active Permission: Daily operations like transfers
Attackers either:
- Co-opt accounts via multi-signature mechanisms
- Directly transfer ownership via TRON's design
OKX Web3 Wallet Protection:
Transactions altering account permissions are automatically blocked—no user override allowed due to extreme risk.
3. Malicious Transfer Address Modification
Occurs when DApp contracts have design flaws. Notable case:
- March 5: @CyversAlerts reported EigenLayer "queueWithdrawal" phishing stealing stETH rewards
Attackers exploit CREATE2 approvals to empty addresses, bypassing security tools.
OKX Web3 Wallet Protection:
Analyzes "queueWithdrawal" transactions. Non-official site withdrawals trigger mandatory confirmation.
4. Similar Address Transfers
Hackers generate addresses mimicking victims' first/last characters:
- May 3: Whale lost 1,155 WBTC ($70M) to first4/last6 matching address
Attackers follow genuine transactions with 0 ETH transfers to plant fake addresses in history logs.
👉 Protect yourself from address spoofing
OKX Web3 Wallet Protection:
- Monitors for suspicious post-transaction activity
- Flags similar addresses in transaction history (supports 8 chains)
Conclusion
The first half of 2024 saw continued phishing through airdrop emails and hacked official accounts. Users must prioritize:
- Security awareness education
- Using platforms with robust risk controls like OKX Web3 Wallet
FAQ
Q1: How does OKX detect EOA authorization risks?
A: By analyzing transaction patterns and authorization types in real-time.
Q2: Can I override ownership change blocks?
A: No—these high-risk transactions are permanently blocked.
Q3: What chains support similar address detection?
A: Currently 8 chains, including Ethereum and TRON.
Q4: How are Permit2 attacks different?
A: They exploit Uniswap's gas-efficient design for stealth approvals.
Q5: Do I need to manually check every address?
A: OKX automates similarity checks, but always verify critical transfers.
Q6: How often are new risk scenarios added?
A: OKX continuously updates detection based on emerging threats.
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