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Check Point has uncovered a new fraud technique in the cryptocurrency sector. This tactic exploits legitimate blockchain functions, posing a significant risk to numerous users. The fraud, detected in the Uniswap V3 Contract and Safe.global Smart Contract, enables attackers to transfer funds from victims' wallets to their own.

Uniswap, launched in 2018, is the largest and most popular decentralized exchange for swapping cryptocurrency tokens on Ethereum (fifth largest application) and other major blockchains like Polygon, Arbitrum, and Optimism. With over $1.8 trillion in trading volume, 350 million swaps, and over $4 billion in Total Value Locked (TVL), Uniswap is a significant player in the space. Similarly, Safe.Global, a smart contract wallet, manages $69 million in transactions, $100 billion in total assets, and 9.5 million accounts.

Attack Method:

Attackers often use social engineering techniques to trick victims into approving transactions. They send phishing emails or messages that appear to be from trusted sources, persuading users to increase their token balance by disguising these prompts as legitimate activities. In this instance, cybercriminals leveraged well-known brands like Uniswap and Safe.Global to mask their malicious activities. For example, they utilized the Multicall aggregation function in Uniswap to embed multiple fraudulent transactions into a single call, making it difficult for users to detect the deceit. This method allowed attackers to transfer funds from victims' wallets to their own.

Similarly, the Gnosis Safe Framework is exploited by creating proxy contracts that appear legitimate, tricking users into allowing the "increase balance" function. This enables the framework to manage the user's wallet tokens. The attacker then uses the "ExecTransaction" function to conduct multiple transactions, which can be combined into one to obscure the fraud. The "MultiSend" function subsequently executes three "transferForm" requests, incorporating the token named "Umbrella," thereby enabling the hacker to steal tokens from the user's wallet.

Bloggercube Cybersecurity Tip:

Blockchain transactions are irreversible. Unlike a bank, where a stolen card can be canceled or a transaction disputed, digital assets require strict security measures to be protected. Here are essential precautions to safeguard your assets:

1. Verify the legitimacy of contracts and functions: Carefully review contracts and their functions before authorizing any transaction.

2. Do not blindly accept transactions: Never accept transactions blindly, even if they seem to come from trusted sources.

3. Direct execution of actions: Execute transactions directly from the official websites of the projects to ensure their authenticity.

4. Be cautious with emails and social networks: Be wary of emails and links on social networks, as these are often used by fraudsters as entry points.

5. Regularly review wallet and transaction history: Regularly check your wallet and transaction history for any unusual activity.

6. Stay updated: Keep yourself informed about the latest news on crypto fraud.

By adhering to these security practices, you can better protect your digital assets from emerging threats.

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