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The Uniswap Founder, Hayden Adams has confirmed that users have lost LP NFTs in a phishing attack after approving malicious transactions. As per an estimate, around $8 million in ETH has been stolen by the hacker in this attack. Moreover, the attack was aimed at the liquidity providers of the Uniswap v3 Protocol, as the hacker used an airdrop bait to lure users.
As per the tweets of a security researcher, a malicious token airdrop was sent to around 73,399 wallet addresses. These addresses were sorted on their liquidity pool positions. The website linked to the airdrop copied the domain of Uniswap. However, Uniswap itself has not been compromised or exploited. These liquidity providers were asked to supply their assets to Uniswap in order to earn airdrop rewards.
However, as soon as users started to engage with the phishing message, hackers earned complete control of transferring assets in and out of their wallets. A user who provided more than $8 million in wrapped Bitcoin and USDC to the liquidity pool also interacted with the phishing message. However, the hackers were able to control the wallet and transfer assets. Moreover, the hackers also moved stolen assets through the privacy protocol, Tornado Cash.
Nonetheless, the CEO of Binance, Changpeng Zhao estimated that $4.7 million in ETH were stolen in the attack. However, another crypto tracking platform said that the lost amount stands at around $8.1 million. It further added that these funds were laundered through Tornado Cash in almost 100 transactions.
Uniswap LP Joins the Long List of Phishing Attacks
In recent times, several phishing attacks have caused major financial losses to users, consumers, and platforms. Different phishing websites were able to get the better of users and lure them into malicious campaigns. Recently, a similar incident happened with the users of Solana-based applications.
According to an estimate, the number of phishing attacks has surged by over 170% since the last quarter. Hackers have used different social media platforms to cause disruptions in several Web3 projects. Around 290 phishing attacks have already been recorded in the second quarter of this year.
Experts believe that such attacks halt the route of the progress of Web3, as exploiters are using the old tricks of Web2. Moreover, the struggles of users from renowned projects like Solana and Uniswap is a disturbing development. It is not a healthy sign for an already struggling crypto industry. Moreover, the native tokens of these projects have also shed their value amid these attacks.
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