Uniswap Phishing Attack Results in $4.7 Million in ETH Stolen

  • The perpetrators had stolen ETH from victims as well as ERC20 tokens and NFTs.
  • The Uniswap team responded that the attack was part of a phishing scheme.

At least $4.7 million worth of Ethereum was stolen in a sophisticated phishing attempt targeting Uniswap v3 protocol liquidity providers (LPs). On the other hand, the community claims that the losses may be far more severe.

One of the first to sound the alarm about the assault was Metamask security researcher Harry Denley, who informed his 13,000 Twitter followers on July 11 that 73,399 addresses had been issued fraudulent ERC-20 tokens to steal their assets.

Uniswap Clarifies: Not a Protocol Error 

According to Binance CEO Changpeng “CZ” Zhao, at least $4.7 million in ETH has been lost in the hack. According to the crypto community, the breach may have resulted in much more severe losses. A prominent crypto Twitter user, 0xSisyphus, stated on July 11 that a “large LP” with around 16,140 ETH, worth $17.5 million, may also have been phished.

If they wanted to learn more about their new tokens and how they might exchange them for Uniswap’s native currency, they’d be routed to a webpage that claimed to let them. The attacker’s command center might exploit the user’s address and browser client information to drain crypto from their wallets. It was also stated in a Reddit thread describing the incident that the perpetrators had stolen ETH from victims as well as ERC20 tokens and NFTs (specifically Uniswap LP holdings).

In the wake of the hack, Binance CEO Changpeng Zhao sounded the alarms, saying that the “potential exploit” of the Uniswap protocol on the ETH network may be exploited. The Uniswap team responded to Zhao’s first article quickly, noting that the attack was part of a phishing scheme rather than an error in the protocol.

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A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.