Key takeaways:
- The creator of the Uniswap protocol, Hayden Adams, recently posted on Twitter to convey his dismay at a scam that involved building a fake Uniswap website.
- The con men went to considerable effort by setting up an hour-long Zoom meeting with people posing as senior officials from Uniswap.
The cryptocurrency market has witnessed significant growth in recent years, with decentralized exchanges gaining popularity among traders and investors. Uniswap, one of the leading decentralized exchanges, has recently become a target for fraudsters looking to exploit unsuspecting users.
Hayden Adams, the creator of Uniswap and CEO of Uniswap Labs, recently took to Twitter to express his astonishment at a scam involving a counterfeit Uniswap website. Adams expressed surprise at the level of sophistication displayed by the scammers, acknowledging the considerable effort they put into their deceptive scheme.
He also revealed that the scammers had gone so far as to incorporate Chinese community content and even included links redirecting users to the legitimate Uniswap app on their fake website.
According to the event’s publicity materials, it was “The first Uniswap Asian Summit,” with a special appearance by the “CEO of Uniswap.”
The intricate extent of the impersonation scheme is demonstrated not only by the grand scale and setting of the video conference, but also by the fact that those responsible also established a website for the Chinese Uniswap community, published content there in Mandarin, and pointed users there to the DEX.
The chief technology officer, chief operational officer, chief financial officer, and other high-ranking individuals also participate in community dialogues.
Commenting on this aspect, Adams remarked, The scammers went to great lengths to make their scheme appear legitimate. They even organized an hour-long Zoom recording where individuals pretended to be Uniswap executives. It’s truly shocking how far they went to deceive people.
“Video is nuts. No idea who any of those people are.”
In a firm statement, Adams made it clear that neither Uniswap nor its Foundation had any association with the video or the individuals featured in it. This clarification was intended to dispel any misconceptions and reaffirm Uniswap’s unwavering commitment to upholding utmost transparency and security standards.
Particularly in this case, It is significant to note that The People’s Bank of China forbade cryptocurrency exchanges from functioning in the nation in 2018 on the grounds that they promoted unapproved public financing. Since September 2021, all crypto transactions are prohibited in China.
However, back in February there were speculations that the Chinese Government may reconsider the crypto ban. A former adviser to China’s central bank has suggested that Beijing should reassess its harsh cryptocurrency embargo, revealing light on an extended dialogue over the use of private digital currencies in China.
