Millions of dollars have been lost by users in a massive phishing attack on Uniswap, utilizing the Uniswap V3 protocol. Reports indicate that over 7,500 ETH has been stolen.
The Uniswap protocol itself was not responsible for the incident; rather, it was the victims’ involvement in fraudulent transactions that led to the attack. A security staff member at Metamask was the first to discover the attack and promptly notified Uniswap through a Twitter post.
Hours later, CZ, the CEO of Binance, also informed Uniswap about the assault. CZ revealed that Binance’s threat intelligence had detected the hackers stealing 4,295 ETH and urged the community to inform Uniswap.
Uniswap developer Hayden Adams confirmed that the attack was a phishing attempt and unrelated to the protocol. He advised users to be cautious and take necessary precautions, while also assuring that the smart contract was secure upon inspection.
The victims were targeted with a malicious token called UniswapLP and directed to a website to exchange it for UNI. Unfortunately, the website stole crucial data and wallet funds. The current losses stand at $8.1 million, but this figure may increase as more information is uncovered.
Unlike traditional exchanges such as Binance and FTX, which are regulated by authorities, Uniswap operates on a decentralized finance (DeFi) model, allowing users to trade crypto using peer-to-peer technology.
Phishing has become a prevalent method used by hackers to steal cryptocurrency, despite the existence of other techniques. Ultimately, users bear the primary responsibility for exercising caution in such situations. However, many individuals still fall victim to harmful links due to a misguided belief in their safety.
Disclaimer: This article serves as informational content and should not be regarded as financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. It is strongly recommended that readers conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.
