Cybersecurity Firm Warns Of Uniswap Phishing Scam Spreading False Exploit Information

In a new development, cybersecurity company PeckShield Inc. raised an alert regarding a phishing account circulating fake information about a bogus Uniswap exploit. 

There have been several hacks and attacks in the cryptocurrency industry in recent years. These intrusions and other fraudulent actions are only a few examples of security issues that have hurt the industry’s reputation and prevented general acceptance.

Phishing Scam Targets Uniswap Users

The phishing account poses as Pocket Universe, claiming that a Permits2 Contract issue renders Uniswap users’ funds insecure. The phony account then requests that individuals cancel their current approvals on a site called Revoke Cash.

PeckShield alerted all Uniswap users via its Twitter platform about a phishing attack, cautioning everyone to be vigilant and not be a victim. The firm stressed that the exploiter’s tweets aim to get people to click a phishing link and lose their token. 

It stressed that users must always check the legitimacy of accounts and information sources before acting to avoid falling for such scams.

Notably, the legitimate Pocket Universe account, @PocketUniverseZ, features an extension to shield users from fraud.

Other Crypto Scams And Exploits

The widespread adoption of cryptocurrency has increased the prevalence of scams of all kinds. Cybercriminals have developed a variety of tactics, and blockchain technology’s anonymity allows many of them to get away with such scams. 

According to a DeFi security report, almost half of the attacks and losses this first quarter of Q1 happened in the first weeks of March. Euler Finance and Bonq DAO exploits were the quarter’s loss leaders, with losses of $196 million and $120 million, respectively.

CoinDeal lost $45 million due to an exploit, and the Monkey Drainer Phishing criminals were in fourth place with $16.5 million lost to bad actors.

Out of the $452 million in stolen funds, $130 million was ultimately recovered in Q1 2023, a recovery percentage of 28.7%. Some $520 million of the $1.3 billion stolen in Q1 2022 was recovered, representing a 40% recovery rate.

Six flash loan attacks out of the 49 theft incidents in the report resulted in over $200 million in losses, with Euler Finance accounting for most of the total. Smart contract exploits were the most prevalent attack, accounting for 17 occurrences.

A flaw in the BonqDAO smart contract resulted in a $120 million loss for BonqDAO and AllianceBlock on February 2. Platypus Finance, an automated market maker (AMM) that provides stable swap possibilities, was the target of an $8.5 million flash loan attack.

Featured image from Pixabay and chart from Tradingview