Aave Surpasses $60B in Deposits Amid Phishing Attack Wave

Aave's decentralized finance protocol has achieved a historic milestone, crossing $60 billion in net deposits across 14 networks. The surge represents a more than threefold increase since August 2024, when deposits stood at $18 billion.

This triumph has been shadowed by malicious actors capitalizing on the protocol's visibility. Security firm PeckShield identified a coordinated phishing campaign exploiting Google Ads to promote counterfeit Aave investment platforms, targeting unsuspecting users.

The incident underscores the persistent security challenges facing DeFi ecosystems, even as they achieve mainstream financial scale. Aave's position as the first DeFi protocol to reach this deposit level makes it both an industry beacon and a high-value target for cybercriminals.