Scammer Exploits Stargate Snapshot, Nets Over $43,000 from Phishing Link

Published: December 04, 2023 at 12:14 am Updated: December 04, 2023 at 12:14 am

Edited and fact-checked:
December 04, 2023 at 12:14 am

In Brief

A scammer managed to deceive over 1,000 users on Stargate Snapshot by embedding a phishing link in a voting proposal, leading to a profit of more than $43,000.

Scammer Exploits Stargate Snapshot, Nets Over $43,000 from Phishing Link

A recent phishing scam on the Stargate Snapshot platform has raised serious security concerns. A LayerZero Discord Moderator revealed that a scammer had posted a deceptive proposal vote, which included a phishing link, by staking STG tokens.

This cunning tactic misled over 1,000 users to participate in the vote, enabling the scammer to profit more than $43,000.

The incident came to light when the Discord Moderator for LayerZero, the underlying network for Stargate, flagged the fraudulent proposal. The proposal enticed users to click on a link under the guise of participating in a legitimate governance vote.

The scammer’s proposal managed to attract a significant number of users, with over 1,000 participants unwittingly engaging with the phishing link. This high level of engagement underscores the effectiveness of the scammer’s strategy.

#PeckShieldAlert A Discord Mod on #LayerZero has reported that a scammer who introduced a phishing link within a proposal vote on the #Stargate Snapshot platform, enticing users to stake $STG tokens.
Over 1K users took part in the vote, resulting in a loss of ~$43K pic.twitter.com/ShmCvLLOJ1

— PeckShieldAlert (@PeckShieldAlert) December 4, 2023

Snapshot Scammer’s $43,000 Gain from Phishing Link

As a result of this elaborate phishing scheme, the scammer successfully accumulated profits exceeding $43,000. This figure was confirmed through tracking the scammer’s digital activities and wallet transactions.

Following the scam, investigators are making efforts to trace the scammer’s digital footprint. They have identified links to the scammer’s wallet addresses and related transactions, providing leads for further investigation.

In response to the incident, the Stargate and LayerZero communities received alerts, and discussions are underway to enhance security measures and prevent similar attacks in the future. The incident serves as a stark reminder of the persistent threats in the digital asset space and the need for heightened vigilance among users.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master’s degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Nik Asti