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Uniswap Users Lose Ethereum Worth Millions Of Dollars In A Massive Phishing Attack

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Users lose millions of dollars in a massive phishing attack on Uniswap

After falling victim to a phishing assault that used the Uniswap V3 protocol, some users have reported losing a ton of ETH.

According to information gathered from a variety of sources, someone made off with more than 7,500 ETH.

The event was caused not by the Uniswap protocol itself but rather by the victims’ participation in fraudulent transactions.

A security staffer at Metamask was the first to discover the assault. He alerted Uniswap to the fact that the assault had begun around two hours earlier by posting a message on Twitter.

CZ tweeted Uniswap about the assault six hours later. Zhao claimed Binance’s threat intel detected the hackers had taken over 4295 ETH. He asked the community to alert Uniswap.

Uniswap developer Hayden Adams acknowledged the assault was phishing and not related to the protocol. He advised users to avoid phishing and take safeguards. The smart contract seems good upon checking.

The victims were issued a malicious token called UniswapLP and directed to a website to swap it for UNI. The website stole critical data and wallet cash. Total losses are $8.1 million, although that number might rise when more is learned.

Punters may trade crypto using peer-to-peer technology rather than via traditional exchanges, such as Binance and the FTX, which are controlled by authorities. Uniswap, on the other hand, is a central institution in decentralized finance, or “DeFi.”

Phishing has emerged as one of the most common techniques used by hackers to steal cryptocurrency, despite the fact that there are several other ways this may be accomplished.

The unfortunate reality is that the user must bear the majority of the responsibility for exercising caution in this scenario; notwithstanding, many people continue to click on harmful links under the mistaken impression that they are safe.

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Mark Bernnan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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