Phishing Scammers Target Crypto Enthusiasts with Deceptive Websites

According to Cointelegraph’s report, Phishing scammers have recently executed a sophisticated attack by cloning popular crypto media outlet Blockworks and Ethereum blockchain scanner Etherscan. Their aim is to deceive unsuspecting readers into connecting their wallets to a malicious crypto drainer.

The scheme involved a fraudulent Blockworks site that displayed a fabricated “BREAKING” news report, claiming a multimillion-dollar “approvals exploit” on the decentralized exchange Uniswap. It urged users to visit a fake Etherscan website to revoke approvals.

This deceptive Uniswap article was disseminated on various crypto-related subreddits via Reddit accounts that appeared to be compromised.

The phony Etherscan site, designed to resemble a legitimate token and smart contract approval checker, harbored a wallet drainer instead.

Upon investigation by blockchain security firm Beosin, it was determined that the attacker’s goal was to siphon at least 0.1 Ether (ETH), equivalent to approximately $180 at the current market value of $1,792 per ETH. However, the drainer’s setup was found to be flawed, as it failed to initiate a phishing transaction after a wallet connection.

An analysis of domain registration dates revealed that the fake Etherscan site, approvalscan.io, was registered on October 25, with the fraudulent Blockworks site, blockworks.media, following suit a day later.

On October 25, Web3 anti-scam platform Scam Sniffer disclosed via Twitter that scammers had also deployed a wallet drainer on a website impersonating the reputable crypto news outlet Decrypt.

Crypto enthusiasts are advised to exercise extreme caution when interacting with unfamiliar websites and to verify the authenticity of platforms they visit, especially when prompted to connect their wallets. Remaining vigilant against phishing attempts is crucial in safeguarding one’s digital assets in the ever-evolving landscape of cryptocurrency.

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