- A crypto whale lost $35 million worth of fwDETH on the Blast network after a phishing permit attack
- The attacker drained 15,079 fwDETH, driving the token price from about $2,000 down to $100
- The incident has heightened security concerns across DeFi and drawn increased scrutiny to the Blast network
A cryptocurrency whale recently suffered a loss of roughly $35 million after a phishing attack targeted Few Wrapped Duo ETH (fwDETH) tokens on the Blast network. The exploit relied on a fraudulent “permit” signature that granted the attacker unauthorized access to the victim’s funds.
Security monitors first flagged the incident, and it was subsequently confirmed by blockchain security firms PeckShield and BlockSec. The victim’s wallet, identified by the address 0xEab2E…a393, lost a total of 15,079 fwDETH during the attack.
What is Few Wrapped Duo ETH (fwDETH)?
Few Wrapped Duo ETH (fwDETH) is a wrapped derivative of Duo ETH (DETH), a token issued by the Duo protocol on the Blast network. Wrapped tokens are commonly used in DeFi to enable cross-protocol compatibility and to represent another asset in a standardized token format.
In this case, the stolen fwDETH represented a significant position for the whale and became the primary asset siphoned by the attacker after the permit was signed.
How was the phishing attack on Blast carried out?
According to security analysts, the attacker tricked the whale into signing an offline “permit” message. Permit signatures are often used in decentralized finance to approve token allowances or transfers without directly sending an on-chain transaction from the token holder’s wallet. When misused, a signed permit can grant broad permission to move tokens.
BlockSec co-founder Yajin (Andy) Zhou explained that once the attacker obtained the signed permit, they were able to execute transactions that drained the victim’s fwDETH balance.
The consequences were immediate: in the hours following the exploit, the duo token ecosystem experienced sharp price movements as the attacker liquidated the stolen assets.
The price of DETH fell by more than 38%, moving from about $3,482 to $2,150 in the immediate aftermath as the market reacted to the sudden sell-off. fwDETH’s price plunged even more dramatically—dropping from approximately $2,000 to near $100 at the lowest point, a decline of over 90%. The token later partially recovered to around $1,000, but the crash sent shockwaves through the Blast network and wider crypto markets.
This event highlights persistent security challenges for crypto users, especially large holders who may be targeted with sophisticated social-engineering and phishing tactics. Permit-based approvals are a powerful convenience in DeFi, but they can be abused if users sign messages without verifying their origin and intent.
In response to the exploit, observers expect increased scrutiny of both the Blast network and the protocols built on it. Security teams, auditors, and users are likely to push for tighter controls, clearer permit interfaces, and improved education to reduce the risk of similar incidents in the future.
Investors and wallet holders are reminded to exercise caution with signed messages and to verify all requests for permits or approvals. Using hardware wallets, reviewing transaction data carefully, and relying on trusted interfaces can help reduce exposure to phishing and other forms of social-engineering attacks.