Over $4.7M stolen in Uniswap fake token phishing attack

Some initially interpreted the hack as an exploit of the Uniswap V3 protocol but it was quickly clarified as the result of a phishing campaign.

Over $4.7M stolen in Uniswap fake token phishing attack

A Smart phishing campaign aim liquidity providers of the Uniswap V3 protocol have been attackers making off with approx $4.7 million worth of Ethereum (ETH).

Metamask security researcher Harry Denise was one of the first to raise the alarm bells of the attack, telling his 13K Twitter followers on July 11 that 73,399 addresses has been sent malicious ERC-20 tokens to steal their assets.

Binance CEO Changpeng CZ Zhao reported among the crypto community that there may be more significant losses from the incursion.

Prominent crypto Twitter user 0xSisyphus noted on July 11 that a "large LP" with around 16,140 ETH worth $17.5 million may have also been phished.

According to Denley, the phishing attack works by sending Unsuspecting users a "malicious token" called UniswapLP made to appear as coming from the Legitimate Uniswap V3 Positions NFT contract by manipulating the field in the blockchain transaction explorer. 

Users curious about their new tokens would be directed to a website purporting to allow them to swap their new tokens for Uniswap native token UNI worth $5.34 each at that time.

The website would instead send the user's address and browser client info to the attacker's command center which would also attempt to drain cryptocurrency from their wallets. 

Attackers had stolen native tokens (ETH), ERC20 tokens, and NFTs from victims.

Zhao created some waves in the crypto markets when he first sounded alarms about the attack calling it a potential exploit of the Uniswap protocol on the ETH blockchain.

Furthermore, Zhao explain sharing a conversation with the Uniswap team who noted the attack was part of a phishing attack rather than any issue with the protocol.

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