According to security researchers, soon after the decentralized liquidity protocol Aave had surpassed its $60 billion net deposit, the scammer launched a phishing campaign targeting users through Google Ads.
On Wednesday, Aave said it has become the first distributed financial (DEFI) protocol to accumulate $60 billion in net deposits across its 14 networks. Aave’s net deposits have more than tripled over the past year, from around $18 billion in August 2024, according to data from Token Terminal.
A day later, on August 7th, blockchain research firm Peckshield warned the crypto community about an ongoing phishing attack targeting Aave (Aave) investors. Crypto Scammers posts phishing links to fake Aave investment platforms through the Google Ads service.
AAVE’s net deposit across all chains. Source: Token Device
Phishing scams spread through advertising
When an unsuspecting crypto investors click on such a link, the website will encourage users to link their crypto wallet to the service.
sauce: Peckshield
By linking your wallet address to a phishing website, scammers can access and transfer all funds stored in your wallet. Such transactions are often irreversible and can result in permanent losses of funds.
No losses have been confirmed from ongoing attacks, but the scope of phishing attempts is high as they are propagated through the Google Ads service.
Related: Aave’s proposal to launch centralized loans for Kraken ink moves to the next stage
Prevent loss of funds from phishing scams
Phishing scams mimic trust or known services and reduce users to reveal sensitive information such as private keys, seed phrases, and login credentials.
As a result, investors are encouraged to double-check the website’s URL before interacting with services that include fund deposits or link wallets. However, in the case of compromise, investors must take certain measures to minimize damages.
Crypto investors should immediately try to transfer funds from breached wallets to a secure wallet. You will also need to contact your service provider through official channels and revoke your wallet’s approval through services such as Revoke.cash.
Additionally, scammers usually monitor their wallets and try to cash out the remaining funds, so they should not reuse their breached wallets to deposit funds. Additionally, users must try to disconnect the wallet from the phishing website.
The Cointelegraph reached out to Aave for comment and warned him about ongoing phishing attempts.
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