Uniswap ($UNI) Scam Sweeps China: Fake Executives and Events


Recently, a distressing revelation has emerged regarding a scam that specifically targeted Uniswap, the largest on-chain trading protocol in the world.

Hayden Adams, the creator of Uniswap, expressed his surprise on Twitter regarding a sophisticated scam targeting the Uniswap community. Adams highlighted the significant effort put into creating a fraudulent version of the Uniswap website.

The scammers went to great lengths by including Chinese community content and even providing links to the genuine Uniswap app on their deceitful website. This fraudulent activity serves as a reminder to be cautious and vigilant when interacting with online platforms and to verify the authenticity of websites and applications.

UniSwap Targeted by Scammers

To make their deception more convincing, the scammers went as far as organizing a one-hour Zoom recording where individuals pretending to be Uniswap executives participated. Hayden Adams, the creator of Uniswap, expressed his confusion about the video, stating that he had no knowledge of any of the people involved.

This highlights the extent to which the scammers went to deceive unsuspecting individuals and emphasizes the importance of verifying the identities and credibility of individuals in online interactions.

Hayden Adams made it clear that neither Uniswap nor the Foundation had any connection to the video or the people featured in it. On Crypto Twitter, there was speculation that the scam might center around a video showing individuals from Shenzhen, China promoting $UNI, the cryptocurrency of Uniswap.

The video apparently had titles like “The first Uniswap Asian Summit” and “Guest: CEO of Uniswap.” This suggests that the scammers attempted to create an illusion of legitimacy by associating themselves with Uniswap and using false titles and claims in their promotional material.

Speculations Surrounding the Scam

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Hayden Adams and his team are working hard to stop the scammers and shut down the fake website’s domain.

A user named Roland, with the username @thegrasscrown, was surprised by the event mentioned in Hayden Adams’ tweet. Roland mentioned that despite living close to Shenzhen, he had never heard of such an event. He speculated that the event might have been promoted secretly because of the strict cryptocurrency regulations in China.

In 2013, the People’s Bank of China (PBOC) banned crypto exchanges in the country, stating that they facilitated unauthorized public financing. Since September 2021, China has completely prohibited all cryptocurrency operations.

The Uniswap Protocol, represented by $UNI, is a widely used system on Ethereum. They recently announced that it has handled more than $1.5 trillion worth of transactions, making it the biggest trading system directly on the Ethereum network.

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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