$4.7 MILLION PHISHING ATTACK ON UNISWAP V3 SPOTTED BY BINANCE CEO
The popular CZ as otherwise known as Changpeng Zhao confirmed that the Cryptocurrency protocol version Uniswap V3 was hit by some malicious phishing attack that resulted in a loss of over $4.7 million worth of Ethereum.
In a bid to promptly contain the attack, Harry Denley signaled a warning about a false UNI airdrop that was created.
It can’t be sadder than it gets, as the number of hacks and phishing seems unending. Another attack has been detected on the well-known Uniswap V3. A popular crypto protocol with a teeming population of users and assets. Uniswap v3 users suffered a phishing attack targeted mainly at liquidity providers(LP) of the protocol. In this malicious campaign, over 73thousand addresses belonging to users were sent malicious tokens, specifically ERC-20 tokens in turn to steal their assets.
What are PHISHING and what major ways PHISHING is carried out?
In cybersecurity, everyone is mindful of Phishing. Phishing is a type of cyberattack in which a hacker or cyber criminal sends out scans or malicious messages in a bid to impersonate or pretend to be a trusted protocol, network, Cryptocurrency or website.
These malicious messages are aimed at manipulation, luring unsuspecting users into performing actions like installing software programs, entering passwords, accessing links, divulging sensitive information like codes, pins, passwords, etc. Phishing has become more common in the crypto space over the years, hence the rate of hacks and theft due to phishing.
The CEO of Binance, Chengpeng Zhao through a Twitter update disclosed news regarding a potential exploit on Uniswap V3 discovered by the Binance threat Intel. In his Tweet, the said Phishing was carried out through Tornado cash, stealing over 4thousand Ethereum (ETH). The CEO called out to the Uniswap protocol, offering to help.
Further evidence of the attack was tracked by Meta Mask Security researcher, Harry Denley, who deduced that the attack was targeted at Ethereum (ETH), Binance Coin, and Liquidity Providers of Uniswap.
For the attacker to have had access to about 74,800 user addresses, he/she must have spent about 8.5ETH on transaction fees to send the malicious $UNI airdrop token And has about 90ETH more.
As the news of the phishing attack greeted the crypto space on Twitter, user action seemed to go against the Uniswap protocol. This was later evident when Uniswap price dropped greatly. With about 10% loss recorded over the night as the news greeted the scene.