Uniswap Liquidity Providers Lose $80M to Phishing Scam

Transcript

00:00Welcome back to Decentralized News. Today's quick news story talks about the $8 million that was

00:05stolen on Uniswap from liquidity providers who were targeted by a phishing scam. So Uniswap did

00:13say that phishing scams are obviously a problem in crypto all around, but they did also confirm

00:21that an estimated $8 million had been stolen. After Uniswap's liquidity providers fell for this

00:30phishing scam, the Decentralized Exchange said its infrastructure hasn't suffered from the exploit

00:38and still remains very secure. Also, they did offer further details about what happened. They did say

00:46that the scammer had airdropped malicious tokens to certain wallets and this subsequently directed

00:53users to a fake interface where it was claimed these tokens could be swapped for UNI, which is the UNI

01:01token. But if our unsuspecting victims ended up approving the transaction, the attacker would have

01:08the ability to actually redeem all of the users' Uniswap's V3 liquidity provided tokens for their

01:17full underlying value. So they said that the phishing scams are a far common problem in crypto today and

01:24urging the community to stay vigilant. And the DEX also stressed that airdrops to unofficial domains are

01:33highly likely to be phishing attempts and that if it was to perform any kind of an airdrop advance

01:41notice would be given on a number of their official channels. So the inventor Hayden Adams was also

01:49asked what could be done to prevent these phishing attacks in his eyes. He says the key is always to

01:55educate people and also enhancing the user interfaces so that there is a greater protection or degree of

02:03protection provided to users. So overall 73,399 addresses were sent this malicious token that

02:13masqueraded as a UNI drop. And yeah, so, you know, to those that lost money in this scam, you know,

02:21obviously our heart goes out to you. Hopefully something can be done about this to help you get

02:27your funds back. But, you know, this is something that you guys should always be aware of. I've also

02:34been recently buying actually quite a bit of UNI as in the token itself when it crashed down. I think

02:42I picked it up at somewhere around the $4 mark or thereabouts or just above. And yeah, you know, I think

02:48it is one of those platforms that will continue to evolve. I did hear that they were moving to

02:54Atom or Cosmos as well, moving away from Ethereum, which I think would be a good move for them

02:59to make sure that, you know, just this Dick's swap fees are much lower. Let me know what your

03:06thoughts are. Also check our links in the description, like, share, subscribe, turn on the notification

03:10bell. See you in the next video. Peace.