Aave Reaches Major Deposit Milestone
Aave, a leading decentralized liquidity protocol, surpassed $60 billion in net deposits this week, becoming the first protocol to achieve this figure across 14 blockchain networks. According to data from Token Terminal, Aave's net deposits have more than tripled over the past year, rising from about $18 billion in August 2023 to the current level.
Phishing Campaign Targets Aave Users
Shortly after the announcement, blockchain security firm PeckShield reported a phishing attack targeting Aave users. Scammers used Google Ads to direct crypto investors to fraudulent websites disguised as official Aave investment platforms. Visitors to these sites were prompted to connect their crypto wallets, exposing them to the risk of full fund loss if permissions were granted.
Phishing Attack Details and User Risks
- Attackers used Google Ads to increase the reach of phishing websites.
- Victims linking wallets risked instant and irreversible loss of assets.
- No confirmed loss amounts were reported at the time of publication.
Phishing Scams Explained
Phishing scams exploit user trust by replicating known services and soliciting sensitive information, including wallet keys and login credentials. Once scammers access these details, stolen assets are rarely recoverable.
Security Recommendations
- Always verify website URLs before connecting wallets or depositing funds.
- If compromise is suspected, promptly transfer assets to a secure wallet.
- Revoke unauthorized approvals via services like Revoke.cash.
- Contact service providers only through official channels.
- Do not reuse compromised wallets for future deposits.
- Disconnect compromised wallets from suspicious sites immediately.
Cointelegraph reached out to Aave for comment regarding the incident and notified them of the phishing attempts. The event highlights persistent security challenges faced by DeFi users during periods of rapid ecosystem growth.
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