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Key Takeaways:
- A phishing scam is targeting Aave users via Google Ads just after its $60B deposit milestone.
- The fake ads prompt users to connect wallets, enabling fund theft.
- Investors must verify URLs and revoke wallet access if exposed.
Just one day after Aave announced surpassing $60 billion in net deposits across 14 networks, users of the leading decentralized liquidity protocol became targets of a widespread phishing scam. According to blockchain security firm PeckShield, the scam is spreading via malicious Google Ads linking to fraudulent Aave platforms.
Data from Token Terminal shows Aave’s deposits have surged over 230% year-on-year, rising from $18 billion in August 2024 to over $60 billion this week—a first for any DeFi protocol.
Phishing Links Lead to Wallet Drains
The phishing campaign works by placing deceptive ads on Google that direct users to fake Aave websites. Once on these pages, users are prompted to connect their wallets. Doing so grants scammers access to the wallet’s funds, which can be swiftly drained with no recourse.
PeckShield shared screenshots of the scam in action, warning the community about the dangers of interacting with suspicious ads, especially when tied to high-profile DeFi protocols like Aave.
How to Protect Against Phishing Scams
Phishing attacks often mimic trusted platforms to steal private keys or gain unauthorized access to user funds. Experts advise investors to:
- Double-check website URLs before connecting wallets or depositing assets.
- Use tools like Revoke.cash to remove unknown wallet permissions.
- Transfer assets immediately to a secure wallet if compromise is suspected.
- Avoid reusing compromised wallets, as they remain under surveillance by attackers.
Also Read: Aave DAO Treasury Surges to $125M as Ethereum Rally Fuels DeFi Growth
These steps can help limit damage in the event of a breach and safeguard long-term crypto holdings.
Aave Yet to Comment
Cointelegraph reports that Aave has been alerted to the phishing campaign but has not yet released a formal statement. The platform’s rapid growth makes it a prime target for bad actors, highlighting the need for heightened user vigilance.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
