July 21, 2024
Latest Cryptocurrency News

Uniswap Founder Warns of Ethereum Name Service (ENS) Scam

On February 14, Hayden Adams, the founder of decentralized exchange (DEX) Uniswap, raised a red flag in the crypto community, cautioning users about a new scam utilizing wallet addresses as Ethereum Name Service (ENS) domains. In a warning shared on Twitter, Adams disclosed the fraudulent activity targeting his own Ethereum wallet. The scammers duplicated his wallet address and registered it as an ENS wallet with a “.eth” extension. Disturbingly, certain user interfaces would display an ENS match unrelated to his actual address as the primary search result.

This scam appears designed to deceive digital asset senders, potentially leading them to mistakenly send cryptocurrency to the wrong address instead of the intended recipient. Adams urged user interfaces to implement filters to screen out such deceptive addresses, thereby mitigating potential losses resulting from this attack vector.

A scam address mimicking a genuine one using a eth.domain. Source: Hayden Adams

Taylor Monahan, the founder of Ethereum wallet manager MyCrypto, noted that this scam vector has historical precedence, having been employed in the early days of MyEtherWallet. Monahan revealed that countermeasures were implemented at that time to address the issue.

Adding to the concerns, ENS founder and lead developer Nick Johnson emphasized the risk associated with interfaces autocompleting names. He stressed that this practice is “far too dangerous” and is explicitly discouraged in their user experience guidelines.

In a separate incident last month, crypto investors fell victim to a phishing attack through email campaigns impersonating major Web3 companies. Scammers, pretending to be entities such as Cointelegraph, WalletConnect, and Token Terminal, orchestrated a fake airdrop promotion. The attack, traced back to a security breach at the email marketing firm MailerLite, resulted in the compromise of Web3 accounts through a social engineering attack. The scam’s phishing wallet reportedly received approximately $3.3 million in inflows since the initiation of the campaign, according to estimates by Nansen’s research team.

Image by gstudioimagen1 on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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