On-chain analyst b-block has issued a warning regarding a phishing campaign involving fraudulent Google advertisements impersonating the Uniswap protocol, which has reportedly resulted in the theft of user funds exceeding $400,000.
According to the report, a counterfeit website designed to mimic Uniswap has been actively draining cryptocurrency wallets after users connect them. The attackers are currently believed to be holding at least approximately 146 ETH in stolen assets, distributed across multiple wallet addresses.
Researcher Stacy Muur indicated that the users were directed to malicious cloned interfaces through sponsored Google search results. Funds lost in the campaign have been traced to victims who interacted with these fraudulent advertisements. She noted that attackers continue to exploit paid advertising systems to surface fake versions of legitimate DeFi platforms.
Analytics platform DeFiLlama confirmed that fake Google advertisements remain one of the most common attack vectors in the DeFi sector.
Security Alliance (SEAL) has previously documented an increase in phishing campaigns leveraging Google Search since March. According to them, attackers commonly purchase advertising placements or compromise legitimate advertiser accounts in order to impersonate established crypto protocols. Between March 13 and March 30, the organization reported blocking more than 356 malicious advertising links, with total losses from the broader campaign estimated at approximately $1.27 million.
SEAL further explained that attackers often bypass moderation systems by displaying legitimate-looking URLs while embedding malicious payloads through hidden frames not easily detected by automated review processes.
Similar attack vectors have been used across other platforms, including a case in April involving a counterfeit Ledger Live application in the App Store, which contributed to estimated losses of at least $9.5 million.
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