Someone was defrauded of $6.5 million. Cryptocurrency ‘Free’ Claims of $2K

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The most perplexing aspect about cryptocurrency may be airdrops. Whenever crypto traders who meet certain requirements are rewarded with tokens, it’s like getting free money. The sums that are lost may be staggering. Owners of the Bored Ape Yacht Club got a bitcoin airdrop in April valued around $100,000 for each NFT they owned.

A lot of the time, airdrops that seem too wonderful to be true end up being authentic. However, this is not always the case.

Scammers stole $8 million worth of bitcoin and ether on Monday thanks to a phishing attack. Coins like Shiba Inu and Avalanche are traded on Uniswap, a decentralised crypto market. Scammers claimed to have a free airdrop of $2,000 worth of Uniswap tokens. A few traders succumbed to the temptation of linking their wallets to a shady website, and two people lost a lot of money as a result.

According to PeckShield, a blockchain analytics startup, almost $6.5 million was taken from a single wallet. Coins worth $2.46 million and $3.9 million were stolen from the wallet by scammers. In the other case, $903,000 in ether and $774,000 in bitcoin were stolen from the wallet. Four other wallets were affected by the phishing attempt but have not yet been emptied, PeckShield has confirmed to CNET.

Throughout spite of how blatantly transparent the swindle is, it has roots in history. An airdrop of 400 $UNI tokens (valued $2,224 at the time of this writing) will be made available to every wallet that has traded on the platform in 2020. Airdrops of five- and six-figure sums were given to crypto whales many times in 2021.

Because it uses peer-to-peer technology rather than traditional exchange management structures like Binance and FTX, Uniswap is considered a major institution of “DeFi,” or decentralised finance. In a tweet that said, “To be clear: there was no exploit,” the business claimed. “Airdrops that point you to unapproved sites are almost certainly phishing efforts, since the Protocol has always been and continues to be safe. We would never send consumers a surprise airdrop without giving them advance notification through many official means.”

Cryptocurrency values have plummeted over the previous six months, but fraud hasn’t stopped. After stealing $100,000 from NFT marketplace Quixotic at the end of June, hackers emptied an NFT lending platform of $1.4 million ether on Sunday. An $8.8 million hacker made off with $7.1 million of Cream Finance’s money between the two occurrences.

Users who earn interest by putting bitcoin into Uniswap’s system were the target of Monday’s fraudster. Uniswap coins were transmitted to at least 74,800 of the 230,000 liquidity providers, according to blockchain security expert Harry Denley. It was possible to swap new tokens for other cryptocurrencies by using the name given to them by the malicious token. The wallets were infected and drained after clicking the link on this site.

They spent $9,042 (8.5 ether) sending all those bogus tokens, Denley alleged. After first being reported as a hack of Uniswap, a $4 billion market cap cryptocurrency, it was determined to be a socially engineered hoax. The lost coin was recovered.

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