A decentralized finance (DeFi) user lost $3.4 million in GMX tokens in a phishing attack, according to an administrator of GMX’s Telegram group.

The attack was not related to any security issues on the GMX platform. On-chain data revealed that the attacker started taking funds from the victim’s wallet at 7pm UTC on 3 January, and swapped them for ether.

Security analysts PeckShield estimated that the stolen funds were worth around $3.4 million. Such attacks are becoming more common in the cryptocurrency space and are a major concern because a single malicious signature can result in the loss of all assets stored in a wallet.

Earlier this week, a hacker stole $175,000 in non-fungible tokens in a phishing attack targeting the chief operating officer of RTFKT, while another user lost four CryptoPunk NFTs worth over $330,000.