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UniSwap Hack Drives FUD Causing the Token To Tumble 

Not all airdrops are safe as they may sound, some may have a greater risk when you are not cautious. That’s what has happened on the Uniswap V3 protocol. 

What’s the Issue? 

On Monday, Metamask security researchers said that an alarm was pulled when 73,399 wallets were sent airdrops and they were compromised post receiving the assets. In this attack, no less than ETH of $4.7 million was lost and it has already created negative sentiments in the crypto market. 

How the Hack Was Executed? 

The hackers are using a malicious Uniswap LP Token. These tokens masquerade as originating from a verified source. To do that, they are tweaking the field on the block transaction explorer.  Once any user has received the tokens, they are then eager to swap those tokens for another ERC 20 token. 

To lure the recipients, the token has a favourable $5.34 price.  Upon going for the swap, the bug will direct the user’s address and browser client. From there, the attacker will compromise the user’s wallet and drain all the cryptocurrency from it!

What’s the Impact? 

The impact isn’t good at all as the price of Uniswap has fallen to new lows registering a fresh 11% downtrend. That had completely ravaged the token from its all-time high of $44.92. 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.