Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

Uniswap’s Hayden Adams Exposes ENS Wallet Impersonation Scam

DailyCoinDailyCoin2024/02/16 19:49
By:DailyCoin
  • Uniswap’s founder has warned about a new scam.
  • The scam vector targeted the founder.
  • ENS founder and lead developer also raised concerns about the scam vector.

The founder of decentralized exchange Uniswap , Hayden Adams, has alerted the crypto community to a new tactic employed by scammers to impersonate legitimate Ethereum wallet addresses.

The warning comes as the decentralized finance (DeFi) ecosystem has been a target for sophisticated attacks, highlighting the need for increased vigilance and heightened security measures. According to Adam, sharing the warning is a “heads up for users and interfaces.”

The ENS Wallet Impersonation Scam

On February 14, Adams took to X (Twitter) and explained how scammers could manipulate user interfaces of crypto wallets with Ethereum Name Service (ENS) domains, tricking users into sending crypto to fraudulent wallet addresses.

“First time I've seen this scam, so posting it as a heads up for users and interfaces. Someone bought the ens "[myEthereumAddress].eth" So when you paste in my address, the top result in some UIs is an ens match instead of the resolved ENS name,” Adams wrote .

From Adams’s experience, this tactic confuses unsuspecting users who may accidentally lose their crypto, especially if their wallet interface displays the manipulated address as the top result when pasting a legitimate address.

ENS founder and lead developer Nick Johnson raised concerns about the scam, noting that wallet interfaces shouldn’t “autocomplete names at all” since “it’s far too dangerous.” Adams also shared similar sentiments, advising all wallet interfaces to filter out such addresses.

While the scam looks novel, it has been around for a while. MyCrypto founder Taylor Monahan said the same tactic surfaced in the early days of the MyEtherWallet wallet service, prompting the company to break registrations and resolutions for all 0x… names.

Read about crypto phishing scams in 2023:
324,000 Crypto Investors Fell Prey to Phishing Scams in 2023

Stay updated on how much the crypto industry lost to hacks and scams in 2023:
$2 Billion Lost to Crypto Scams and Cyberattacks in 2023

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
CEC, QTLX, GDV and other popular new coins are in hot progress!
Stake now!

You may also like

SEC greenlights listing and trading options for BlackRock's spot bitcoin ETF

The SEC approved spot bitcoin ETFs earlier this year, but had not yet approved listing and trading for options on those products.

The Block2024/09/20 21:27