Watch Out For This New Crypto Scam: ENS Wallet Impersonation

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Hayden Adams, the founder of decentralized exchange Uniswap, has exposed a new scam that capitalizes on the Ethereum Name Service () to deceive unsuspecting individuals. The scam involves impersonating legitimate ENS addresses, eventually putting users’ cryptos at risk.

Adams took to X (formerly Twitter) to alert about scammers who had ingeniously duplicated and registered his Ethereum wallet address as an ENS domain ending with .eth.

How Bad Actors Conduct Crypto Scam With ENS Wallet Impersonation

The fraudulent act creates a misleading ENS match that appears as the top search result in certain user interfaces when a user enters Adams’ wallet address. The deceptive similarity could indeed lead users to transfer funds to the scammer’s address, mistaking it for the intended recipient’s.

The scam highlights a concern in the crypto community about how transaction ease and anonymity can benefit wrongdoers. Adams urges the need for user interfaces to have safeguards. These should filter out deceptive addresses to reduce the risk of losses.

In January alone, nearly $600,000 was swindled from victims through such phishing operations. In 2023, losses from various scams and exploits exceeded $1.8 billion, encompassing code exploits, private key compromises, exit scams, and phishing attacks.

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