AAVE users at risk as scammers use Google ads to promote fake DeFi website

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.