Bittime – Scam Sniffer, a cryptocurrency security platform, recently issued an important warning regarding a new phishing modus operandi used by cybercriminals. This mode utilizes legitimate contracts such as Uniswap V3 Multicall to trick users and steal their crypto assets.
Fraudulent Schemes
The attackers used legitimate Uniswap V3 Multicall contracts to create complex and convincing-looking transactions.
Multicall contracts allow users to combine multiple transactions into one, giving the impression that the transaction is more complex than it is.
Attackers then embed phishing links into these transactions, tricking users into clicking them and granting access to their wallets.
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Impact and Case Examples
This modus operandi has proven effective. Recently, a user lost 85 Lido ETH worth approximately $170,000 after clicking on a phishing link embedded in a Multicall transaction.
Attackers manage to deceive users by hiding the malicious nature of transactions behind their technical complexity.
How to Protect Yourself
Scam Sniffer recommends several steps to protect yourself from this type of fraud:
- Be careful with unknown links: Don't click on suspicious links, especially those embedded in cryptocurrency transactions.
- Verify wallet address: Make sure you always check your intended wallet address before approving a transaction.
- Use a secure cryptocurrency wallet: Choose a cryptocurrency wallet that is reputable and offers strong security features.
- Stay up-to-date with security information: Follow the latest developments in cryptocurrency fraud and learn how to protect yourself.
Also Read: Signs that the DeFi season is near, will Uniswap (UNI) shine again?
Preventing Phishing with Legitimate Contracts: Scammers' Strategies and How to Fight Them
The latest phishing modus operandi identified by Scam Sniffer highlights the ingenuity of cyber criminals and the importance of cryptocurrency users' vigilance. Let's take a deeper look at this scheme and how you can protect yourself:
Scammer Strategy
1. Riding on a Legal Contract
Fraudsters leverage legitimate contracts such as Uniswap V3 Multicall to add credibility to their transactions.
The function of a valid Multicall contract is to combine several transactions into one so that the appearance of the phishing transaction becomes complicated and appears to be legitimate.
2. Hide Phishing Links
Fraudsters embed phishing links into these complicated Multicall transactions. Unwary victims may be fooled and click on the link, giving fraudsters access to their wallets.
Impact and Losses
The case example mentioned (the victim lost 85 Lido ETH) shows the serious financial impact of this phishing attack. This loss can occur to anyone who is careless and does not pay attention to transaction details.
Layered Defenses to Protect Yourself:
1. Be Wary of Unknown Links
Never click on suspicious links, especially those embedded in cryptocurrency transactions. If in doubt, always confirm first with a trusted source.
2. Verify Wallet Address
Before approving any transaction, make sure you have checked and verified your intended wallet address. Misdirected transactions cannot be reversed and your funds may be lost forever.
3. Use a Good Reputable Wallet
Choose a cryptocurrency wallet that is reputable and offers advanced security features, such as two-factor authentication and spending limits.
4. Learn and Update Knowledge
Stay up-to-date with the latest phishing trends and modus operandi. Sources like Scam Sniffer and other blockchain security platforms can be valuable sources of information.
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Conclusion
Cybercriminals continue to innovate. With the right vigilance, knowledge, and preventive measures, cryptocurrency users can reduce the risk of falling victim to phishing scams.
This new mode of phishing scam shows that cybercriminals continue to develop new ways to defraud cryptocurrency users.
It is important to always be alert, and careful, and follow precautionary measures to protect your crypto assets. Use common sense, do your research, and don't rush into agreeing to a transaction.
How to Buy Uniswap (UNI) on Bittime
You can buy and sell Uniswap (UNI) easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Uniswap (UNI) is available on Bittime with the market pair UNI/IDR. To be able to buy UNI IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Uniswap (UNI) on Bittime.
Monitor price chart movements of Uniswap (UNI), Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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