Uniswap, the leading cryptocurrency industry DEX and platform behind altcoin UNI, was recently targeted by an elaborate counterfeit scam in China. Hayden Adams, founder of Uniswap, warned the community about the fraudulent activities surrounding the project. Here are the details…
Altcoin founder warns of scammers
The scam scheme involved a so-called Uniswap conference that was announced in May as the “first Uniswap summit in Asia”. The conference went to great lengths to create the illusion of legitimacy. It featured a video with high production value. Moreover, he claimed that the CEO of Uniswap was a guest speaker. The organizers have even created a Chinese-language website that directs visitors to the Uniswap DEX platform.
To further entice attendees, the conference held a question-and-answer (AMA) session via video with people pretending to be senior Uniswap staff, including the CEO, CTO, COO and CFO. These imitators interacted with the community, further increasing the credibility of the scam. Hayden Adams said he had no affiliation with the conference. He also warned the community not to fall victim to such deceptive impersonation attempts. He expressed surprise at the level of effort put into the fraud. He emphasized that the fake website contains links to the real Uniswap application. Adams used the following statements:
A lot of effort went into this scam. The video is so crazy, I have no idea who these people are.
https://twitter.com/haydenzadams/status/1664680819833569294
Cryptocurrencies banned in China
The reasons behind holding such an event on Chinese soil where cryptocurrencies were banned in 2021 remain unclear. Speculation suggests that the conference may have been held in Hong Kong with invited participants from China. Others think this imitation tactic is similar to the strategies previously used by Chinese “whales” to sell tokens to unsuspecting investors. As a result, the Uniswap team is actively working to combat this fraudulent activity by taking steps to remove the domain name used for the fake website.
Uniswap is the most widely used protocol on the Ethereum Blockchain with its native cryptocurrency UNI. It has consolidated its position as the world’s largest on-chain trading protocol, processing over $1.5 trillion in transactions. Despite the imitation and scam attempts surrounding Uniswap, the protocol remains a vital player in the decentralized finance (DeFi) ecosystem. As the cryptocurrency industry grows, it’s crucial that attendees verify the authenticity of events, conferences, and websites to stay vigilant and not fall victim to scam schemes. The Uniswap event is a reminder of the need to raise awareness and vigilance within the community to protect against counterfeiting and fraud.
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