The fake Blockworks website features a fabricated “BREAKING” news report, claiming a multimillion-dollar “approvals exploit” on the decentralized exchange Uniswap. The site then directs users to a fake Etherscan website, urging them to rescind their approvals. To make matters worse, the scammers used compromised Reddit accounts to promote the fake Uniswap news article on various crypto-related subreddits.
The counterfeit Etherscan website pretends to offer a token and smart contract approval checker. However, instead of providing legitimate services, it contains a hidden wallet drainer. According to Beosin, a blockchain security firm, the perpetrator behind this scheme aims to drain wallets holding a minimum of 0.1 Ether, equivalent to approximately $180. However, due to an incorrect setup, there are no phishing transactions triggered when a wallet is connected to the drainer.
Further investigation into the fake websites reveals that the imposter Etherscan site, known as approvalscan.io, was registered on October 25, followed by the cloned Blockworks site, blockworks.media, a day later.
In an alarming Twitter post on October 25, Web3 anti-scam platform Scam Sniffer identified yet another instance of scammers deploying a wallet drainer on a cloned website masquerading as the crypto news outlet Decrypt.
Interestingly, even though the fake Blockworks and Decrypt phishing sites employ similar tactics, Scam Sniffer has revealed that they are actually run by different sets of scammers.
Crypto users are advised to exercise caution and remain vigilant against phishing attempts. It is crucial to connect wallets only to official and verified domains. Verifying website URLs and refraining from entering sensitive information are key steps in safeguarding one’s funds.
The latest phishing scams targeting the crypto community highlight the constant threat hackers pose by devising new tactics like spoofed sites and social engineering to steal from experienced and novice users alike.
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