Just a day after decentralized finance protocol Aave announced it had surpassed $60 billion in net deposits, a phishing campaign surfaced, targeting its users through Google Ads, according to security researchers.
Data from Token Terminal shows a sharp rise from August 2024, when deposits stood at approximately $18 billion.
The next day, blockchain security firm PeckShield alerted the crypto community to an active phishing scam targeting Aave investors. Fraudulent ads mimicking official Aave investment platforms were reportedly being promoted through Google Ads, directing users to malicious websites.
Aave Community Targeted in Widespread Scam
Users who unknowingly connect their wallets to these phishing websites risk giving scammers full control of their funds. Once access is granted, the attackers can transfer assets freely, stealing the funds of the users.
While there are no confirmed reports of stolen funds yet, the scale of the attack raises concern, especially given the exposure via Google’s advertising platform.
Phishing scams like this often work by impersonating trusted services to trick users into revealing sensitive information such as private keys, seed phrases, or login credentials.
