Scammer on Stargate Snapshot Stole $43,000 via Phishing Link

A fake Stargate governance proposal contained a phishing link which drained crypto assets from user wallets.

Last updated: February 12, 2024 4:54 AM

Published 2023-12-04

A scammer has managed to steal over $43,000 by sending a fake voting proposal on Stargate Snapshot.

The proposal shared in Stargate Governance contained a phishing link, which led more than 1,000 users to fall for the scam. The incident was shared by a LayerZero discord mod who identified the scam and warned users.

While proposing the fake launch and distribution of the gSTG token, the hacker asked users to check if they were eligible for reward distribution via a link that was leading to a phishing website.

Sammer’s proposal on Stargate governance

The scammer first bought 50k STG, the native token for Stargate Finance, and staked it to be granted access to create a voting proposal.

According to DeBank data, the scammer has stolen over $43,000 from victims using the phishing link. It consists of several assets across multiple chains, including $22,339 on Arbitrum, $9,653 on Optimism, $7,405 on Ethereum, and $8,639 on the BNB chain, among others.

*Stargate Snapshot scammer address – DeBank*

Also Read: Safe Wallet Scammer Steals $2M in ‘Address Poisoning Scam’

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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