Uniswap LPs Hit With a Phishing Attack, Lost Over $8 Million in Ether

July 12, 2022

MCP News Free

Uniswap LPs Hit With a Phishing Attack, Lost Over $8 Million in Ether

Phishing is increasingly becoming a challenge in the crypto space that can not be overlooked, Uniswap LPs are now the latest victims of phishing as attackers are believed to have stolen over $8 million so far.

Harry Denley, a MetaMask security researcher was one of the earliest detectors of the attack and raised the alarm on Twitter on Monday, tweeting that 73,399 addresses had been sent malicious ERC-20 tokens to steal their assets.

https://twitter.com/sniko_/status/1546535668247060481?s=21&t=kVLiZhFCumphTASdtYHABA

According to a Twitter post by the CEO of Binance, Changpeng Zhao, at least $4.7 million in ETH has been stolen, however, MistTrack, a crypto tracking, and compliance platform disclosed the amount drained to stand at 7,500 ETH, which is about $8.1 million and was then laundered through crypto mixing service Tornado Cash in a total of 100 transactions.

Connected with the @uniswap team. The protocol is safe.

The attack looks like from a phishing attack. Both teams responded quickly. All good. Sorry for the alarm.

Learn to protect yourself from phishing. Don't click on links. ???? pic.twitter.com/FIXebz3iBC
— CZ ???? BNB (@cz_binance) July 11, 2022

As confirmed by the Uniswap Labs creator, the attackers managed to simulate the firm’s official website which allows them to deceive liquidity providers into signing malicious transactions. The protocol has however not been exploited.

This was a phishing attack that resulted in some LP NFTs being taken from individuals who approved malicious transactions

Totally separate from the protocol

A good reminder to protect yourself from phishing and not click on malicious links https://t.co/aj3Zh8UKqF
— hayden.eth ???? (@haydenzadams) July 11, 2022

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Crypto Phishing on the Rise

One of the biggest challenges in the crypto space is the aspect of cybersecurity.

There have been a number of phishing websites impersonating Stepn, a Solana-based web 3.0 lifestyle app, as reported in April this year.

As earlier reported by MyCryptoParadise, Opensea, the popular NFT marketplace recently reported an email data breach, warning users of possible phishing.

In a report by Certfik, a prominent blockchain, and Defi security-focused platform, phishing attacks have increased by 170% since 2021.

Certfik recorded about 290 attacks in Q2 this year, compared to 106 in Q1 of 2022.

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