Uniswap’s founder, Hayden Adams, recently took to Twitter to expose an elaborate scam targeting the Chinese cryptocurrency community. The scam involves a fake fork of the Uniswap website and purportedly features a one-hour Zoom recording with individuals impersonating Uniswap executives.
Adams clarified that neither he nor any official representatives from Uniswap or the Uniswap Foundation had any connection to the suspicious activities unfolding on the platform. “Video is nuts. No idea who any of those people are. Def not associated with @Uniswap or @UniswapFND. Assuming it’s some sort of scam,” he tweeted.
In a subsequent tweet, the Uniswap founder outlined the extent of the effort put into the scam. “Some next level effort went into this scam. They built a fork of our website (domain takedown pending) that adds Chinese community content and links to the real Uniswap app. And did an hour long zoom recording with real fake Uniswap execs,” Adams noted.
While details about the full extent of the scam are still coming to light, it appears that the perpetrators went to great lengths to lend credibility to their actions. They not only created a replica of the Uniswap website but also added Chinese-specific content, targeting one of the world’s most significant cryptocurrency markets.
Furthermore, by linking to the actual Uniswap app, the scammers likely intended to give the appearance of legitimacy to unsuspecting users. This kind of scam, often referred to as phishing, aims to trick individuals into providing sensitive information or transferring assets under false pretenses.
Uniswap and its founder have now alerted the community and are reportedly taking necessary actions to tackle the scam, including domain takedown proceedings. Cryptocurrency users are urged to be cautious when interacting with unverified platforms or persons claiming to represent established entities.