In a shocking turn of events, a PEPE token holder recently fell victim to a sophisticated phishing attack, losing a staggering $1.39 million! This highly targeted scam involved a malicious Uniswap Permit2 transaction, a mechanism that many users aren’t fully aware of but is quickly becoming a tool for DeFi attackers.
Let’s break down exactly what happened, how it was executed, and most importantly—how you can avoid becoming the next victim.
🔴 The Attack: What Went Wrong?
According to ScamSniffer, a leading cybersecurity firm, the victim unknowingly signed an off-chain Permit2 signature that gave the attacker full access to their wallet. Within just one hour, the attacker transferred PEPE, Microstrategy (MSTR), and Apu (APU) tokens out of the wallet. The assets were gone before the victim could take any action—$1.39 million wiped out in a flash.
⚠️ What Is Uniswap Permit2?
Uniswap’s Permit2 feature was designed to streamline token approvals, making them faster and more gas-efficient. But with great convenience comes great risk—especially when it involves off-chain signatures. Attackers are exploiting these signatures, turning them into a dangerous vulnerability in the DeFi space.
🚫 How the Attack Worked:
1. Fake dApps or Phishing Sites: The attacker lured the victim to a fraudulent site, tricking them into signing a harmful off-chain Permit2 signature.
2. Deceptive Security: The off-chain signature seemed harmless, but it gave the attacker access to perform Permit and Transfer From actions.
3. Complete Asset Drain: By the time the victim realized their wallet had been compromised, their funds were already gone—no trace left on-chain until it was too late.
🔍 Why This Scam Is So Dangerous
One Signature, Total Control: One wrong move with an off-chain signature can hand over full control of your wallet.
Default Full Access: Permit2 often covers your entire token balance unless explicitly limited—making it a treasure trove for attackers.
Even Experienced Users Are Vulnerable: The increasing sophistication of these attacks is catching even seasoned DeFi users by surprise.
📊 DeFi Phishing Scams on the Rise
This case is not an isolated incident. In the past month alone, over $38 million has been stolen in similar Permit2 phishing attacks. According to CertiK, a top Web3 security firm, phishing scams and private key compromises have been responsible for $343 million in crypto losses this year.
🔐 Protect Your Assets: Key Security Tips
1. Double-Check Permissions: Before signing any off-chain transaction, scrutinize the permissions you’re granting.
2. Use Secure Wallets: Opt for wallets with enhanced security features like multi-signature and hardware wallet support.
3. Stay Informed: Constantly educate yourself about emerging phishing tactics and only interact with trusted, verified platforms.
Stay Ahead of Scammers!
In the fast-paced DeFi world, vigilance is your best weapon. Scammers are getting smarter, but by staying informed and cautious, you can protect your hard-earned crypto from attacks like these.
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A shocking $1.39 million in crypto was lost in a sophisticated phishing attack that targeted a PEPE token holder, exploiting the Uniswap Permit2 feature. This devastating incident serves as a major warning to all DeFi users. Here's what you need to know to keep your assets safe.
🔴 What Happened?
The victim unknowingly signed a malicious Permit2 transaction, falling into a phishing trap reported by cybersecurity firm ScamSniffer. In just under an hour, tokens like Pepe (PEPE), Microstrategy (MSTR), and Apu (APU) were drained from the victim's wallet and moved to a new address, never to be recovered.
⚠️ What Is Uniswap Permit2?
Originally designed to simplify token approvals and reduce gas fees, Uniswap’s Permit2 feature has become a hot target for scammers. The off-chain approval process offers attackers a sneaky backdoor to user funds, exploiting the system through malicious off-chain signatures.
🚫 How Do Permit2 Phishing Attacks Work?
Attackers use phishing websites or fake dApp interfaces to trick users into signing what looks like a harmless transaction.
The signed off-chain signature gives attackers permission to move assets, using the Permit and Transfer From functions.
Because the approval happens off-chain, users aren’t alerted to any unusual activity—until it’s too late.
🔍 Why Is This Dangerous?
The off-chain nature of Permit2 approvals makes it hard for users to spot malicious activity. By default, Permit2 allows access to your entire token balance, unless you manually restrict it—a step many users miss.
📊 The Bigger Picture
This attack is just one in a growing wave of Permit2 phishing scams. Already this month, victims have lost over $38 million in similar schemes, with a CertiK report showing that phishing and private key compromises are responsible for $343 million in crypto losses.
🔐 How to Stay Safe in DeFi:
Double-check permissions before signing any off-chain transaction.
Use secure wallets that offer extra security layers.
Stay informed on the latest phishing tactics and only interact with verified platforms.

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