Shortly after the decentralized liquidity protocol Aave announced its net deposits exceeded $60 billion, security researchers discovered that scammers had launched phishing attacks against users through Google ads.

On Wednesday, Aave announced that it became the first decentralized finance (DeFi) protocol to accumulate $60 billion in net deposits across 14 networks. According to Token Terminal data, Aave's net deposits have tripled from about $18 billion over the past year.

A day later, blockchain investigation firm Peckshield warned the crypto community that phishing attacks targeting Aave (AAVE) investors are underway. Scammers are posting fake Aave investment platform phishing links through Google ads.

Phishing scams spread through advertisements

Once unsuspecting investors click these links, the site prompts users to connect their crypto wallets to the service.

Once the wallet address is connected to the phishing site, scammers can access and transfer all funds stored in the wallet. Such transactions are often irreversible, which may lead to permanent loss of funds.

While the specific losses from this attack have not yet been confirmed, its impact is significant due to its spread through Google ads.

Preventing financial losses from phishing scams

Phishing scams trick users into revealing private keys, seed phrases, or login credentials by disguising themselves as trusted services.

Therefore, investors need to carefully verify website URLs, especially when it comes to depositing funds and connecting wallets. If attacked, users should take immediate action to minimize losses.

Crypto investors should transfer funds from affected wallets to secure wallets as soon as possible and contact service providers through official channels, using services like Revoke.cash to revoke any wallet authorizations.

Additionally, affected wallets should no longer be used to store or deposit funds, as scammers typically monitor these wallets and attempt to cash out any remaining funds. Users should try to disconnect their wallets from the phishing site.

Cointelegraph has contacted Aave for comments on this phishing incident.