According to a Twitter announcement from Binance CEO Changpeng “CZ” Zhao, the strike caused at least $4.7 million in ETH to be lost. However, there are still warnings about entering the crypto community that could lead to more losses.
Top cryptocurrency Twitter user 0xSisyphus noted on July 11 that "large LPs" worth around 16,140 ETH, or $17.5 million, could also be phishing.
How it works
According to Denley, phishing attacks work by sending "malicious tokens" called "UnswapLP" to unsuspecting users. It is by governing the “From” field of blockchain industry research so that it emerges from the legitimate “Uniswap V3: NFT Project” contract.
Users want to know the new token number on the website which ensures that the new token can be exchanged for the Uniswap user UNI token, which costs $5.34 at the time of creation.
The exchange site sends the user's address and the user's browser information to the attacker's order site, which also tries to steal the cryptocurrency from the wallet.
A Reddit post describing the attack claimed that the attacker stole tokens (ETH), ERC20 tokens, and NFTs (e.g. Uniswap LP sites) from victims.
Not a feat
President Binance Zhao created waves in the crypto market when he first shouted about the attack, calling it a "potential exploit" of the Uniswap protocol on the blockchain ETH.
Zhao clarified the announcement shortly after the next update, sharing a conversation with Uniswap members, who said the attack was part of a phishing attack rather than a word on the protocol.
The first dramatic announcement by CZ coincided with a significant reduction in Uniswap prices, which fell in the last 24 hours of $ 5.34. UNI inflation has gained after posting $ 5.48 at the time of writing, but it is still down 11% in 24 hours and has dropped 87.8% from its all-time high. (ATH).