March 24, 2023

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According to reports, Phishing attacks have targeted certain Uniswap V3 users. The unknown hacker took over 7,500 ETH, valued at roughly $8.1 million. 

The victims of the scam had authorized fraudulent transactions on their accounts. The hacker had promised to give them free UNI tokens. Hence the Uniswap protocol is not to blame for the attack.

On July 12th, Binance CEO Zhao tweeted that Binance discovered a probable Uniswap V3 flaw. According to him, the hacker processed the stolen crypto through a mixing provider, Tornado Cash.

In addition, MetaMask security researcher, Harry Denley, commented on the attack. He said over 73,399 addresses received a fraudulent message on July 11th. 

Uniswap Under Phishing Attack

The victims received a fraudulent token called UniswapLP. Afterward, the hacker directed them to a website where they could exchange the fraudulent token for UNI. 

Afterward, the website accessed their private data and took money from their wallets. Currently, there have been losses totaling $8.1 million. 

However, if more information becomes available, that sum might increase significantly. Hayden Adam, a Uniswap developer, stated that;

“The hacker used phishing method to conduct the attack. Hence, it has nothing to do with the protocol itself.”

He advised people to be on the lookout for phishing scams and to take the required safety measures. Meanwhile, Adam said the team would examine the smart contract and ensure it was in good shape.

The latest event emphasizes the importance of increased awareness of phishing attacks. This kind of cyberattack has impacted well-known organizations.

Phishing Attacks On DeFi And NFT Sector

In the cryptocurrency market, fraudsters may commit theft in several ways. However, phishing is becoming among the most common method. 

Meanwhile, it is primarily up to the customer to exercise caution in such situations. Unfortunately, many people continue to click on suspicious links thinking they are safe.

Seth Green, an American comedian and actor was among the recent victims of a phishing attempt. The actor lost four NFTs valued at over $300,000. 

Furthermore, cyberattacks gave targeted websites compiling cryptocurrency data. They include Dextool, Etherscan, and CoinGecko.

As a result, firms in the sector have educated stakeholders about the need for caution. Even OpenSea’s CEO had to reassure consumers following a cyberattack on the NFT marketplace. 

Also, MetaMask recently issued a warning stating that Apple users were susceptible to phishing attacks. Users are advised to take caution and safeguard their private details.

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