Aave recently fell victim to an attack propagated through Google Ads. The attack comes barely 24 hours after the protocol announced that it had surpassed $60 billion in net deposits.
By Godfrey Benjamin
Editor Hamza Tariq
Updated
3 mins read
Decentralized liquidity protocol Aave AAVE $272.7 24h volatility: 6.2% Market cap: $4.15 B Vol. 24h: $348.81 M has suffered an attack on its platform, shortly after announcing that it had surpassed $60 billion in net deposits.
The scammer(s) successfully carried out the exploit by leveraging Google Ads to deceive unsuspecting crypto users.
Some security researchers have looked into the matter, and they discovered that the scammer launched the phishing attack against Aave users via Google Ads.
Blockchain investigation firm Peckshield was one of those that notified the crypto community of the ongoing phishing attack.
#PeckShieldAlert Fake “Aave” ads are topping Google search results.
The phishing site is aaxe[.]co[.]com.
The ads are designed to drain your wallet through malicious transaction signatures. pic.twitter.com/LdVHMflFAT
— PeckShieldAlert (@PeckShieldAlert) August 7, 2025
It turns out that the scammers shared phishing links to phony Aave investment platforms via the Google Ads service.
Any investor who is convinced that it is the original Aave Protocol would click the links, then receive a prompt urging them to link their crypto wallets to its services.
Once this connection is established, the scammer swings into action, draining the wallet of its holdings.
In the past, these kinds of transactions were often irreversible and usually led to permanent loss of funds.
However, for now, no losses have been reported to be linked to the breach, but it is worth noting that the reach of the attack must have been high, considering that it was propagated via Google Ads.
Exploiting Google Ads is not a new tactic amongst scammers, as they have previously cheated crypto investors out of their earnings through this route.
Last September, fraudsters exploited Google Ads to impersonate Revoke Cash, a crypto recovery service aimed at helping traders recover lost assets.
In this case, once an individual searches for crypto recovery solutions and comes across supposed ads from Revoke Cash, they may be heading to fraudulent websites. From the beginning, these ads may look legitimate due to the seemingly authentic domain addresses.
Unfortunately, these ads are misleading and designed to trick users into revealing personal information or making financial transfers.
Crypto users would need to exercise more caution when interacting with these crypto-related platforms. It is also necessary that all links are verified before a user clicks to avoid loss of funds.
Meanwhile, the Aave Protocol has just announced that it has accumulated $60 billion in net deposits across 14 networks.
Based on insights from Token Terminal, it is obvious that Aave’s net deposits have seen more than a 3x increase in the past year. It moved from about $18 billion in August 2024 to $58.4 billion in currency.
This marks a major achievement for the protocol, especially as it has been experiencing some mixed signals these past weeks.
Just before June wound down, two whales dumped over $5.5 million worth of AAVE, fueling a price downturn. The price of the crypto fell sharply to $232.6 during that time.
At press time, AAVE traded at $271.31, corresponding with a 5.98% increase in the last 24 hours.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.