# Multi-Signature Wallet Drained via Sophisticated Phishing Attack ∞ Security

**Published:** 2025-09-16
**Categories:** Security

---

![Three textured, translucent blocks, varying in height and displaying a blue gradient, stand in rippled water under a full moon. The blocks transition from clear at the top to deep blue at their base, reflecting in the surrounding liquid](https://incrypthos.com/wp-content/uploads/2025/09/decentralized-ledger-pillars-reflecting-moonlit-defi-liquidity-pools.jpeg)

![A close-up view reveals an array of interconnected electronic components, featuring prominent blue and silver metallic modules. Numerous thin, blue and silver wires intricately connect these units, suggesting a sophisticated data processing or networking system](https://incrypthos.com/wp-content/uploads/2025/09/interconnected-dlt-hardware-facilitating-cryptographic-transaction-processing.jpeg)

## Briefing

A recent, highly [sophisticated phishing](https://incrypthos.com/security/multi-signature-wallet-drained-by-sophisticated-phishing-attack/) attack targeted an unidentified crypto investor, resulting in the unauthorized draining of $3.047 million in USDC from a 2-of-4 Safe multi-signature wallet. The attacker employed a counterfeit Etherscan-verified contract and manipulated the Safe Multi Send mechanism to mask malicious approval transactions. This incident highlights the evolving threat landscape where social engineering and technical deception converge to bypass established security controls, culminating in a direct financial loss for the victim.

![A transparent blue, possibly resin, housing reveals internal metallic components, including a precision-machined connector and a fine metallic pin extending into the material. This sophisticated assembly suggests a specialized hardware device designed for high-security operations](https://incrypthos.com/wp-content/uploads/2025/09/secure-hardware-wallet-interface-digital-asset-custody-module.jpeg)

## Context

Prior to this incident, the digital asset ecosystem faced persistent risks from [phishing](https://incrypthos.com/news/phishing/) and social engineering, often targeting user permissions or private keys. The prevailing attack surface included vulnerabilities in front-end interfaces, compromised browser extensions, and the inherent complexity of transaction approval processes. Attackers routinely leverage trust in verified entities and established protocols to execute illicit fund transfers.

![Angular, reflective metallic structures resembling advanced computing hardware interlock with vibrant blue crystalline formations encrusted with a white, frosty substance. A luminous, textured sphere, evocative of a moon, floats centrally amidst these elements](https://incrypthos.com/wp-content/uploads/2025/09/blockchain-hardware-cryptographic-hashing-digital-asset-oracle-protocol.jpeg)

## Analysis

The incident’s technical mechanics involved the attacker deploying a fake, Etherscan-verified contract weeks in advance, programmed with legitimate-looking “batch payment” functions. The victim, operating a 2-of-4 Safe [multi-signature wallet](https://incrypthos.com/security/multi-signature-wallet-drained-by-sophisticated-phishing-attack/), unknowingly approved two consecutive transactions to an address mirroring their intended recipient. This malicious approval, disguised within the Safe Multi Send mechanism via the Request Finance app interface, granted the attacker access to the victim’s funds. The attacker’s ability to mirror legitimate contract addresses and leverage established mechanisms allowed the deceptive payload to bypass immediate user scrutiny.

![A sophisticated, multi-component device showcases transparent blue panels revealing complex internal mechanisms and a prominent silver control button. The modular design features stacked elements, suggesting specialized functionality and robust construction](https://incrypthos.com/wp-content/uploads/2025/09/next-gen-secure-cryptographic-module-for-decentralized-storage.jpeg)

## Parameters

- **Exploited Protocol/[Wallet](https://incrypthos.com/news/wallet/)** ∞ Unidentified 2-of-4 Safe Multi-signature Wallet

- **Vulnerability Type** ∞ Sophisticated Phishing ([Malicious Approval](https://incrypthos.com/security/phishing-attack-compromises-multi-sig-wallet-via-malicious-contract-approval/) via Fake Contract)

- **Financial Impact** ∞ $[3.047 Million](https://incrypthos.com/security/swissborg-sol-earn-suffers-41-million-api-compromise/) USDC

- **Blockchain Affected** ∞ [Ethereum](https://incrypthos.com/news/ethereum/)

- **Attacker’s Destination** ∞ Tornado Cash

- **Deception Mechanism** ∞ Fake Etherscan-verified contract, Safe Multi Send exploitation

![The image displays an intricate arrangement of electronic components, characterized by metallic silver and dark grey modules intertwined with translucent blue and clear tubular structures. This complex hardware configuration evokes the sophisticated infrastructure underpinning modern cryptocurrency networks](https://incrypthos.com/wp-content/uploads/2025/09/advanced-dlt-infrastructure-cryptographic-hashing-engine-architecture.jpeg)

## Outlook

Immediate mitigation for users involves heightened vigilance regarding transaction details, especially when interacting with multi-signature wallets or approving batch operations. Protocols must consider implementing advanced real-time transaction simulation tools that explicitly highlight non-standard approvals, even within seemingly legitimate frameworks. This incident underscores the critical need for continuous user education on recognizing refined phishing tactics and a renewed focus on strengthening the integrity of front-end interactions and third-party integrations.

![A sophisticated white cylindrical mechanism, resembling a futuristic satellite, is depicted expelling a substantial cloud of white vapor from its central aperture. Intricate panels and solar arrays adorn its exterior, set against a stark blue backdrop](https://incrypthos.com/wp-content/uploads/2025/09/interchain-protocol-emitting-scalable-transaction-throughput.jpeg)

## Verdict

**This incident unequivocally demonstrates the persistent evolution of social engineering tactics, demanding a systemic re-evaluation of user interaction [security](https://incrypthos.com/news/security/) within the multi-signature and DeFi landscapes.**

Signal Acquired from ∞ <a href="https://cryptoslate.com/new-sophisticated-phishing-exploit-drains-3m-in-usdc-from-multi-sig-wallet/?utm_source=incrypthos.com&utm_medium=referral&utm_campaign=noo-engine.com" target="_blank" rel="nofollow">cryptoslate.com</a>

## Glossary

<a href="https://incrypthos.com/security/multi-signature-wallet-drained-by-sophisticated-phishing-attack/" class="glossary-item-box">

## sophisticated phishing 

Attackers leveraged fake contracts and disguised approvals to compromise a multi-signature wallet, resulting in significant asset loss. </a><a href="https://incrypthos.com/news/phishing/" class="glossary-item-box">

## phishing 

Definition ∞ Phishing, in the digital asset space, involves deceptive practices aimed at tricking individuals into divulging sensitive information, such as private keys or login credentials, typically through fraudulent communications. </a><a href="https://incrypthos.com/security/multi-signature-wallet-drained-by-sophisticated-phishing-attack/" class="glossary-item-box">

## multi-signature wallet 

Attackers leveraged fake contracts and disguised approvals to compromise a multi-signature wallet, resulting in significant asset loss. </a><a href="https://incrypthos.com/news/wallet/" class="glossary-item-box">

## wallet 

Definition ∞ A digital wallet is a software or hardware application that stores public and private keys, enabling users to send, receive, and manage their digital assets on a blockchain. </a><a href="https://incrypthos.com/security/phishing-attack-compromises-multi-sig-wallet-via-malicious-contract-approval/" class="glossary-item-box">

## malicious approval 

Attackers deployed a verified contract to disguise fraudulent approvals, draining funds from a multi-signature wallet. </a><a href="https://incrypthos.com/security/swissborg-sol-earn-suffers-41-million-api-compromise/" class="glossary-item-box">

## 3.047 million 

An exploited third-party API allowed attackers to manipulate staking requests, resulting in a significant capital drain from the SOL Earn program. </a><a href="https://incrypthos.com/news/ethereum/" class="glossary-item-box">

## ethereum 

Definition ∞ Ethereum is a decentralized, open-source blockchain system that facilitates the creation and execution of smart contracts and decentralized applications (dApps). </a><a href="https://incrypthos.com/news/security/" class="glossary-item-box">

## security 

Definition ∞ Security refers to the measures and protocols designed to protect assets, networks, and data from unauthorized access, theft, or damage. </a>

**Tags:** [Decentralized Finance](https://incrypthos.com/news/decentralized-finance/), [Smart Contract](https://incrypthos.com/news/smart-contract/), [On-Chain Forensics](https://incrypthos.com/news/on-chain-forensics/), [Asset Protection](https://incrypthos.com/news/asset-protection/), [Wallet Security](https://incrypthos.com/news/wallet-security/), [Fraudulent Approval](https://incrypthos.com/news/fraudulent-approval/)	

## Discover More

- 
### [Ethereum Pectra Upgrade Integrates Account Abstraction and Staking Refinements](https://incrypthos.com/tech/ethereum-pectra-upgrade-integrates-account-abstraction-and-staking-refinements/)
![A sophisticated modular hardware unit displays brushed metallic surfaces and translucent blue components, illuminated by internal azure glows. This intricate design suggests a high-performance decentralized processing unit, potentially housing a secure enclave for cryptographic operations. Transparent elements visualize data packet flow, indicative of a Layer 2 scaling solution or cross-chain communication protocol. Its robust architecture supports efficient transaction finality and off-chain computation, critical for advanced smart contract execution environments. The integrated components signify a validator node's core functionality within a distributed ledger technology framework, emphasizing interoperability.](https://incrypthos.com/wp-content/uploads/2025/09/modular-blockchain-hardware-secure-enclave-interoperability-protocol-visualization.jpeg)

The Pectra upgrade advances Ethereum's modular architecture, enhancing user experience through account abstraction and optimizing staking mechanics for network resilience.

- 
### [Monero Blockchain Sustains 18-Block Reorganization, Exposing Confirmation Vulnerabilities](https://incrypthos.com/tech/monero-blockchain-sustains-18-block-reorganization-exposing-confirmation-vulnerabilities/)
![A sophisticated hardware component, possibly an ASIC miner or high-performance network node, integrates with translucent blue, jagged cryogenic cooling elements. A central metallic module, potentially housing a specialized processing unit or secure enclave, is visible amidst the icy matrix. This setup suggests advanced thermal management crucial for optimal operational efficiency and hash rate stability in intensive Proof-of-Work or Proof-of-Stake validation environments. It emphasizes robust infrastructure for decentralized ledger technology, ensuring reliable transaction processing and cryptographic security.](https://incrypthos.com/wp-content/uploads/2025/09/cryogenic-cooling-module-for-high-performance-blockchain-validation-hardware.jpeg)

A Monero 18-block reorg challenges network finality, necessitating extended transaction confirmation protocols.

- 
### [Game Theory Models MEV, Mitigates Extraction with Mechanism Design](https://incrypthos.com/research/game-theory-models-mev-mitigates-extraction-with-mechanism-design/)
![A large, textured sphere, resembling a celestial body, partially submerges in dark blue liquid, generating dynamic splashes. Smaller white spheres interact with the fluid. This visual metaphorically depicts a decentralized exchange's DEX liquidity pool, where tokenomics drive asset interactions. The main sphere represents a governance token or wrapped asset undergoing smart contract execution, influencing market volatility. The liquid signifies available liquidity, while smaller spheres are other digital assets or stablecoins within the DeFi ecosystem.](https://incrypthos.com/wp-content/uploads/2025/09/decentralized-liquidity-pool-dynamics-tokenomics-smart-contract-execution.jpeg)

This research formalizes Maximal Extractable Value dynamics through a multi-stage game, revealing systemic inefficiencies and quantifying mitigation strategies.

- 
### [Ethereum Foundation Establishes Comprehensive Privacy Roadmap for Protocol](https://incrypthos.com/tech/ethereum-foundation-establishes-comprehensive-privacy-roadmap-for-protocol/)
![The image showcases a sophisticated internal mechanism, featuring translucent blue and opaque white components. This intricate design represents a decentralized ledger technology DLT framework, emphasizing blockchain architecture and protocol layers. The transparent blue elements suggest data immutability pathways and transaction processing unit flow, crucial for smart contract execution. Opaque white structures denote distributed network nodes and consensus mechanism components, ensuring cryptographic hashing integrity. This visual metaphor illustrates advanced interoperability solutions within a Web3 infrastructure, highlighting scalability infrastructure for efficient digital asset management.](https://incrypthos.com/wp-content/uploads/2025/09/decentralized-ledger-architecture-visualizing-protocol-layer-interoperability.jpeg)

This strategic privacy roadmap fundamentally re-architects Ethereum's data handling, enabling robust confidential transactions and secure identity primitives.

- 
### [Ethereum ETF Inflows Accelerate, Signaling Robust Institutional Confidence](https://incrypthos.com/markets/ethereum-etf-inflows-accelerate-signaling-robust-institutional-confidence/)
![A sophisticated blue printed circuit board features a central integrated circuit, likely a specialized application-specific integrated circuit ASIC or hardware security module HSM. A translucent, particle-infused protective layer arches over the chip, visually representing secure enclave operations and cryptographic proof generation. Illuminated traces on the board signify high-throughput data transmission for decentralized ledger technology DLT transactions and smart contract execution. Surrounding surface-mount components support robust private key management and validator node functions, ensuring blockchain scalability and data integrity within a trustless environment.](https://incrypthos.com/wp-content/uploads/2025/09/secure-enclave-processing-decentralized-ledger-cryptographic-primitives.jpeg)

Consistent Ethereum ETF inflows demonstrate a systemic shift in institutional capital allocation, validating the asset's integration into regulated investment frameworks.

- 
### [Bitcoin ETF Inflows Accelerate Amidst Rate Cut Expectations, Influencing Market Structure](https://incrypthos.com/markets/bitcoin-etf-inflows-accelerate-amidst-rate-cut-expectations-influencing-market-structure/)
![A close-up view reveals a sophisticated, frost-laden cooling mechanism, central to mining farm infrastructure. Its metallic hub and translucent blue blades are coated with snow, indicative of extreme thermal management. This cryogenic cooling unit is crucial for optimal ASIC efficiency, preventing thermal throttling in high-performance Proof-of-Work PoW operations. Such advanced hardware ensures hash rate optimization, contributing to sustainable blockchain operations by reducing energy consumption and enhancing hardware longevity for block validation within decentralized networks.](https://incrypthos.com/wp-content/uploads/2025/09/cryogenic-cooling-unit-optimizing-asic-mining-hash-rate-efficiency.jpeg)

Systemic capital re-allocation into Bitcoin ETFs indicates a recalibration of institutional digital asset exposure, optimizing portfolio efficiency.

- 
### [Formalizing Maximal Extractable Value for Blockchain Security Proofs](https://incrypthos.com/research/formalizing-maximal-extractable-value-for-blockchain-security-proofs/)
![A close-up, angled view reveals a sophisticated, modular metallic mechanism featuring a vibrant blue core, intricately layered with white crystalline frost. This apparatus, reminiscent of a hardware security module HSM, underscores the critical role of cold storage in safeguarding digital assets. The visible cryptographic freezing effect symbolizes robust data integrity and immutability essential for blockchain protocol security, preventing unauthorized smart contract execution within a distributed ledger environment. Its design evokes high-performance, secure computational infrastructure.](https://incrypthos.com/wp-content/uploads/2025/09/advanced-cryogenic-data-processing-unit-securing-blockchain-protocol-integrity.jpeg)

This research establishes a rigorous, abstract theory of MEV, enabling formal security proofs against economic attacks that exploit transaction ordering.

- 
### [MEV Mitigation via Game Theory and Mechanism Design](https://incrypthos.com/research/mev-mitigation-via-game-theory-and-mechanism-design/)
![A close-up view presents interconnected white modular blocks, their transparent blue internal structures emitting light, signifying secure data transfer within a blockchain network. Each block functions as a validated node, establishing cryptographic linkage through its modular design. This illustrates a robust distributed ledger technology, emphasizing transaction throughput and immutability. The visible interconnections symbolize a peer-to-peer network facilitating digital asset movement and smart contract execution across the decentralized finance ecosystem.](https://incrypthos.com/wp-content/uploads/2025/09/blockchain-network-nodes-cryptographic-linkage-secure-data-transfer-mechanism.jpeg)

This research formally models Maximal Extractable Value dynamics, proving its systemic welfare costs, and proposes cryptographic mechanisms to mitigate its adverse effects on decentralized finance.

- 
### [Ethereum Foundation Unveils Comprehensive Privacy Protocol Roadmap](https://incrypthos.com/tech/ethereum-foundation-unveils-comprehensive-privacy-protocol-roadmap/)
![A complex, three-dimensional abstract structure features polished silver-grey metallic elements interlocked with translucent, vibrant blue components. These geometric forms suggest a robust, interconnected blockchain architecture. The blue elements, appearing like crystalline data streams, flow through the metallic framework, symbolizing transparent data integrity within decentralized finance DeFi protocols. This visual metaphor emphasizes interoperability and cryptographic primitives essential for Web3 infrastructure. The intricate design reflects smart contract execution and digital asset tokenization within a distributed ledger environment, highlighting the security of immutable ledger technology and dynamic on-chain transactions.](https://incrypthos.com/wp-content/uploads/2025/09/modular-blockchain-framework-showcasing-transparent-digital-asset-layers.jpeg)

This architectural evolution integrates end-to-end privacy across the Ethereum stack, establishing a foundational layer for confidential digital interactions and verifiable data integrity.

**Tags:** [Asset Protection](https://incrypthos.com/news/asset-protection/), [Decentralized Finance](https://incrypthos.com/news/decentralized-finance/), [Fraudulent Approval](https://incrypthos.com/news/fraudulent-approval/), [Multi-Signature](https://incrypthos.com/news/multi-signature/), [On-Chain Forensics](https://incrypthos.com/news/on-chain-forensics/), [Phishing](https://incrypthos.com/news/phishing/), [Smart Contract](https://incrypthos.com/news/smart-contract/), [Social Engineering](https://incrypthos.com/news/social-engineering/), [Supply Chain](https://incrypthos.com/news/supply-chain/), [Wallet Security](https://incrypthos.com/news/wallet-security/)

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**Original URL:** https://incrypthos.com/security/multi-signature-wallet-drained-via-sophisticated-phishing-attack/
