AAVE users at risk as scammers use Google ads to promote fake DeFi website
Main Idea
Scammers are using Google ads to promote fake DeFi websites, posing significant risks to AAVE users by attempting to drain their wallets, with blockchain security firm PeckShield raising the alarm.
Key Points
1. A fake ad impersonating Aave's legitimate website (aaxe.co.com) was identified by PeckShield, designed to drain users' wallets.
2. The scam redirects users to a malicious site, potentially compromising their decentralized finance (DeFi) assets like liquidity, collateral, or borrowed tokens.
3. Google has faced criticism for not adequately addressing crypto scams on its ad platform, despite previous lawsuits and policies to curb fraudulent ads.
4. In early 2024, Google sued two individuals for promoting fake crypto investments and reported blocking billions of ads, but scammers continue to exploit the platform.
5. The Aave team had not acknowledged the issue at the time of reporting, and the malicious ad was no longer visible in searches.
Description
Crypto scammers have once again resorted to using Google ads to promote phishing sites, this time targeting decentralised finance protocol Aave with a fake website designed to drain users’ wallets. On Thursday, August 7, blockchain security firm PeckShield raised the alarm about a fake ad impersonating Aave that appeared at the top of Google search results. Fake ad displayed as top result. Source: PeckSheildAlert on X. According to the firm’s security alert, the malicious ad linked to a phishing...
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