Shortly after decentralized liquidity protocol Aave announced surpassing $60 billion in net deposits, security researchers reported a simultaneous spike in phishing campaigns specifically targeting its users, propagated via Google Ads.

Aave Breaks DeFi Deposit Record

On Wednesday, Aave confirmed it had become the first decentralized finance (DeFi) protocol to achieve $60 billion in net deposits spread across 14 different blockchain networks. This figure represents over a tripling of the approximately $18 billion recorded in August 2023, as tracked by analytics provider Token Terminal.

Phishing Scam Spreads via Ads

The vulnerability was highlighted on Thursday by blockchain investigation firm Peckshield, which warned of active phishing attacks against Aave investors. According to their findings, scammers utilized Google Ads to distribute links leading to fake Aave investment platforms designed to mimic the legitimate interface.

Victims who click the deceptive ad and proceed to connect their crypto wallets to the phishing site risk having their funds stolen. Once a wallet is linked to the malicious site, scammers gain authorization to transfer all assets stored within it. These actions are characteristic of common crypto scams and execute irreversible transactions, highlighting the critical need for caution.

Preventing Loss in Phishing Scams

Phishing attempts in the crypto space often deceive users into revealing sensitive credentials or signing malicious transactions by impersonating trusted protocols.

To mitigate risks, users are advised to:

• Double-check website URLs before interacting with any platform that holds funds or requires signing transactions.
• Transfer funds immediately from compromised wallets to verified, secure addresses.
• Contact Aave and other service providers through official, legitimate channels if a compromise is suspected.
• Revoke wallet approvals via dedicated services like Revoke.cash.
• Avoid reusing compromised wallet addresses for trading or storing funds.
• Disconnect wallets from suspicious websites or phishing pages.

Cointelegraph attempted to contact Aave for official comment and immediate response regarding the ongoing phishing campaign.