GigaChad Token Holder Loses $6M in Phishing Attack

A GigaChad (GIGA) token investor recently lost $6 million in a sophisticated phishing attack, marking another big loss for a crypto holder through social engineering tactics.

The hack was confirmed on November 12 and targeted the victim, known by the online pseudonym “Still in the Game,” through a fake Zoom link designed to steal wallet credentials.

Just want to be transparent – the massive sell on $GIGA today was due to one of my wallets being drained by a fake zoom link

This hurts bad but I will be back. I will always stay in the game

Please be careful out there and never click any links from those you don’t know…

— Still in the Game (@stigstigstig_) November 11, 2024

This attack triggered an immediate sell-off of GIGA tokens and a noticeable market dip.

The hacker used a seemingly legitimate Zoom link to exploit a minor difference in the URL to gain unauthorized access to the investor’s wallet.

On-chain analysis by Scam Sniffer and Onchain Lens indicates that once inside, the hacker managed to extract 95.3 million GIGA tokens and convert these assets into more liquid stablecoins, making tracking and retrieval significantly more difficult.

GigaChad Token Phishing Attack: How Hacker Stole $6M

The phishing incident began when the victim, “Still in the Game,” clicked on what appeared to be a standard Zoom meeting invite link.

However, blockchain security firm Scam Sniffer later discovered that the link, designed to mimic an official Zoom URL, redirected the user to a fake site programmed to install malware.

This allowed the hacker to collect sensitive wallet data and monitor transactions from the victim’s computer.

After gaining access, the hacker swiftly liquidated the stolen GIGA tokens worth approximately $6.09 million.

Onchain Lens detailed how the attacker first converted the GIGA tokens into 11,759 Solana (SOL) tokens, valued at roughly $2.1 million, before further splitting the funds into Tether (USDT) and USD Coin (USDC) stablecoins.

A scammer drained 3 wallets holding $GIGA, causing a massive sell-off and a significant sell wick.

The scammer stole 95.27M $GIGA, valued at $6.09M before the sell-off, and sold it for 11,759 $SOL, worth $2.1M.

Later, the scammer converted $SOL into $USDC and $USDT and… https://t.co/vuDVDINdua pic.twitter.com/8BkQ31RVzv

— Onchain Lens (@OnchainLens) November 12, 2024

These stablecoins were then dispersed across several wallet addresses, including a deposit of 700 SOL into a KuCoin exchange wallet.

Hackers often use this tactic. They spread the assets across different tokens and wallets, and the hacker effectively obscures the stolen funds and avoids immediate detection.

The fake Zoom link contained a minor alteration in the URL, a tactic known to lure even cautious users.

Scam Sniffer’s tweet on the matter pointed out how subtle differences in URLs can be a potent tool for hackers:

“Compare carefully: us04-zoom[.]us vs. us02web.zoom[.]us.”

This similarity is critical to the attack’s success. To prevent such incidents, users are urged to verify URLs from unknown sources before clicking them.

🚨 WARNING: Beware of fake Zoom malware!
A $GIGA holder lost millions!

Compare carefully:
us04-zoom[.]us ❌
us02web.zoom[.]us ✅

They look similar, right? That's the trap! 🎯 pic.twitter.com/RWMur5MM7V

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) November 12, 2024

Growing Security Concerns Amid Ongoing Investigations

Following the attack, “Still in the Game” revealed that he had involved the FBI and a forensic team to track the stolen assets.

Although asset recovery in crypto remains complex due to the nature of blockchain’s pseudonymity.

This is not the first loss this quarter. Over $60M has been lost to phishing attacks in Q4 so far.

The most recent phishing attack before this led to the loss of over $36 million in wrapped Ethereum tokens (fwDETH) from a crypto venture capital fund linked to Continue Capital.

The attack occurred on October 11 and exploited a fraudulent “permit” signature, allowing users to sign transactions without directly interacting with their assets.

Similarly, on September 29, a whale also lost $32.4 million in spWETH tokens; another lost $55.4 million in Dai stablecoins in August.

According to CertiK, over $753 million was lost to fraud in Q3 2024, including $127 million in phishing, making crypto the second most targeted sector for identity fraud in Q2.