Attackers looted at least $ 4.7 million worth of Ethereum from cryptocurrency exchanges through a fraudulent token scam targeting liquidity providers (LPs) of the Uniswap v3 protocol (ETH). As of now, before an upcoming valid ad for a new coin is published, hackers trick people with similar-looking ads or listings where they can steal money without being traced easily. Fortunately, there are other ways to protect yourself against these types of scams.
Compared to its centralized competitors, the decentralized structure of platforms like Uniswap has several advantages, including open and free token listings that make it easier and more affordable to begin new ventures. So, therefore it has turned into a common and easy target for scammers.
Okex, the Chinese-run cryptocurrency exchange based in Hong Kong, has announced on Friday that “an enormous long position” in BTC0928 futures contract was force-liquidated on July 31, 2018. And due to the sheer size of the order, worth over $ 400 million, the uncovered loss (about $ 9 million) will need to be socialized with a clawback.