The post Venus Protocol User Loses $13.5M in Phishing Attack appeared on BitcoinEthereumNews.com. Update Sept. 2, 11:57  am UTC. This article has been updated to include a correction from PeckShield. A decentralized finance (DeFi) trader lost $13.5 million in crypto after falling victim to a phishing scam, according to blockchain security firm PeckShield.  PeckShield initially reported on Tuesday that a user of the DeFi lending platform Venus Protocol saw crypto assets worth $27 million disappear in a phishing attack.  However, the investigation firm later corrected the amount to $13.5 million, saying they did not consider the user’s debt position in their initial estimate. A phishing attack is a type of scam where attackers trick victims into granting malicious permissions or revealing sensitive information by pretending to be a legitimate source. In this incident, the user approved a malicious transaction, allowing the attacker to drain stablecoins and wrapped assets from its balance.  Source: PeckShield Venus Protocol pauses protocol to investigate Venus Protocol’s official social media account responded to community concerns in an X thread, confirming there was no flaw in its smart contracts.  When a user asked if this was due to the user’s mistake, Venus said it was likely the case. However, Venus said that as a precautionary measure, it would pause the protocol to conduct security reviews.  “Right now, yes, that appears to be the case. We will keep everyone updated as we investigate,” Venus Protocol wrote. “Protocol is paused while security reviews are underway.” Related: Criminals are ‘vibe hacking’ with AI at unprecedented levels: Anthropic Hackers ramp up attacks as September starts The recent phishing attack adds to a list of criminal efforts to steal crypto at the start of September. On Tuesday, World Liberty Financial’s (WLFI) governance tokenholders were hit by a known phishing wallet exploit, according to SlowMist founder Yu Xian. On the same day, decentralized exchange (DEX) Bunni… The post Venus Protocol User Loses $13.5M in Phishing Attack appeared on BitcoinEthereumNews.com. Update Sept. 2, 11:57  am UTC. This article has been updated to include a correction from PeckShield. A decentralized finance (DeFi) trader lost $13.5 million in crypto after falling victim to a phishing scam, according to blockchain security firm PeckShield.  PeckShield initially reported on Tuesday that a user of the DeFi lending platform Venus Protocol saw crypto assets worth $27 million disappear in a phishing attack.  However, the investigation firm later corrected the amount to $13.5 million, saying they did not consider the user’s debt position in their initial estimate. A phishing attack is a type of scam where attackers trick victims into granting malicious permissions or revealing sensitive information by pretending to be a legitimate source. In this incident, the user approved a malicious transaction, allowing the attacker to drain stablecoins and wrapped assets from its balance.  Source: PeckShield Venus Protocol pauses protocol to investigate Venus Protocol’s official social media account responded to community concerns in an X thread, confirming there was no flaw in its smart contracts.  When a user asked if this was due to the user’s mistake, Venus said it was likely the case. However, Venus said that as a precautionary measure, it would pause the protocol to conduct security reviews.  “Right now, yes, that appears to be the case. We will keep everyone updated as we investigate,” Venus Protocol wrote. “Protocol is paused while security reviews are underway.” Related: Criminals are ‘vibe hacking’ with AI at unprecedented levels: Anthropic Hackers ramp up attacks as September starts The recent phishing attack adds to a list of criminal efforts to steal crypto at the start of September. On Tuesday, World Liberty Financial’s (WLFI) governance tokenholders were hit by a known phishing wallet exploit, according to SlowMist founder Yu Xian. On the same day, decentralized exchange (DEX) Bunni…