MKR falls 7% after $11 million phishing scam

MakerDAO's MKR (CRYPTO:MKR) token experienced a sharp decline as a governance delegate fell victim to a sophisticated phishing attack, resulting in the loss of $11 million worth of digital assets.

The delegate mistakenly signed a malicious permit phishing signature, leading to the theft of 3,657 MKR tokens and 2.56 million PT Ethena (CRYPTO:ENA) tokens.

The incident highlighted vulnerabilities in crypto governance processes, impacting MKR's price with a 7% drop to $2,280, although it has partially recovered.

The exploiter converted the stolen assets into Ethereum, underscoring ongoing security threats in the cryptocurrency ecosystem posed by phishing schemes and other malicious activities.