An anonymous DeFi user had $3.4 million in GMX tokens stolen in a phishing attack. The native token of decentralized trading protocol GMX was then sold on the open market.

A moderator in the GMX Telegram group confirmed the attack, stating that it had no connection to any issues on the GMX platform.

The attacker began taking funds from the victim’s wallet at 7pm UTC on Jan 3, according to on-chain data.

Security analysts estimate that the attacker sent out GMX worth around $3.4 million to another address, swapping it for ether, which was then transferred to an address believed to be owned by the hacker.

Phishing attacks, which can result in the loss of all assets stored in a wallet with just one malicious signature, have become more common in the cryptocurrency space.

This attack follows two other recent phishing incidents in which a hacker stole $175,000 in NFTs from the COO of RTFKT and another user lost four CryptoPunk NFTs worth over $330,000.