Cryptocurrency [loss] $4M+

Tweet by zachxbt

2024-03-01 [vendor] AI Protocol theft and burn [chain] ethereum
Primary Source ↗
Financial Loss $4.3M (4,300,000 USD)
Blockchain(s) Ethereum

Incident Details

Someone who held over 111.6 million ALI tokens from a project called The AI Protocol was phished by someone using a wallet drainer service using a permit phishing technique. The tokens were priced at around $4.3 million.Blockchain sleuth zachxbt was able to coordinate with the project to organize a community governance vote to burn the stolen tokens before the attacker was able to cash out. Although this doesn’t return the stolen funds to their original owner, it at least keeps the attacker from profiting.

Total loss estimated at $4,300,000.

Technical Details

Initial Attack Vector
AI-assisted attack or AI-generated exploit
Vendor / Product
AI Protocol theft and burn

Timeline

  1. 2024-03-01 Breach occurred
  2. 2024-03-01 Publicly disclosed