Recent scams in decentralized finance (DeFi) have drawn attention to a new threat — ads impersonating Hyperliquid on Google. The executive company Scam Sniffer has warned users about the risks associated with connecting wallets to counterfeit sites.
Increase in Wallet Scams
In 2024, wallet scams have cost nearly $494 million, marking a 67% increase compared to the previous year. This issue is scaling up, and fraudsters are using cutting-edge methods to deceive users and appropriate their assets.
Scam Technology: Cloned Websites
Fraudsters create sites that closely mimic the official domains of Web3 projects. In the case of Hyperliquid, the website uses an interface similar to the original, which leads users to be misled and grant permissions that result in unauthorized withdrawal of assets. According to Scam Sniffer, 30 wallet-drainer scams have been reported in 2024, with a total exceeding $1 million.
How Users Can Protect Themselves
Crypto users need to carefully verify the URLs they use, ensuring authenticity. It is crucial to avoid ads offering direct wallet connections and to keep a close eye on token approvals when signing transactions. Web platforms can enhance security by implementing additional security measures for transaction confirmations and notifications about current permissions.
Cases of scams like this highlight the need for caution among DeFi users. The crypto community must remain vigilant and take measures to protect their assets from contemporary threats.
