Uniswap Suffers Phishing Attack, More Than $8 Million Is Lost

Uniswap suffers phishing attacks with more than $8 million being lost after LP NFTS were drained from users that approved malicious transactions, Hayden Adams confirmed. In today’s latest cryptocurrency news, we are reading more about it.

The hacker managed to target the liquditiy providers of the Uniswap v3 protocol and executed an elaborate phishing campaign with more than $8 million in ETH being lost in the attack so far. Metamask analyst Harry Denley was the first to detect the attack and observed as 73,399 addresses were sent a malicious token called UniswapLP and targeted their assets under the pretext of a fake UNI Token airdrop which is how Uniswap suffers phishing attacks.

The token sent to the victims seemed to come from the legitimate Uniswap V: Positions NFT contract by simply manipulating the From field in the blockchain explorer. The website hosted by the bad actors read sensitive user information and stole funds tom their wallets. The entity behind the attack Is believed to be a part of a sophisticated attack that targeted thousands of addresses by sending a malicious token. Binance CEO Changpeng Zhao speculated that up to $4.7 million worth of ETH was drained but the MistTracker data shows that the amount stolen reached 7500 ETH.

Uniswap Labs’ creator confirmed that the hacker managed to impersonate the official website and scam the LP provider into signing malicious transactions but the protocol hasn’t been exploited. Web3- style attacks like phishing campaigns continue to wreak havoc in the web3 space and the slew of phishing websites that impersonated STEPN was also detected in April. OpenSea reported a data breach that affected the PII of customers that were subscribed to a mailing list and warned customers of these phishing attempts.

According to the reports by CertiK, phishing attacks have increased by 170% and the report underscored that social media platforms emerged as the main pain point for these projects:

“What’s frustrating about these hacks from a web3 security perspective, is that the hackers are deploying the tried and tested tricks of web2 that exploit centralization and human error as a starting point, and are using this to make lateral moves to exploit web3 in turn.”

As earlier reported, Uniswap labs is acquiring the Ethereum NFT platform Genie in a bid to bring something new to the NFT space.