Counterfeit tokens are still a nuisance for Uniswap

The Counterfeit coins continue to track Uniswap’s decentralized exchangesas prominent crypto projects related to upcoming token sales report copycat trading on the platform.

On August 19, Teller Finance, the upcoming Decentralized Finance Loan Protocol (DeFi), tweeted as They had created a fake Teller and Uniswap token pool.

“Teller Labs has not made any official announcements regarding potential, planned, or upcoming token launches.”

The eagerly anticipated token sale of the The NEAR protocol was also hit by phishing scams in advance of its launch last week., and they tweeted The following regarding any NEAR protocol tokens that have not been officially authorized:

“The only place for official NEAR token news is Any NEARs currently being sold in locations not listed there are not officially authorized by the NEAR Foundation. By attending, you are in earnest.” Exposed to risk. “

Counterfeit tokens are still a nuisance for Uniswap
Counterfeit tokens are still a nuisance for Uniswap

Cointelegraph has identified two tokens that masquerade as NEAR and whose trade has been present on Uniswap in the last few weeks.

Acala Network also encountered scammers prior to selling its tokens, and there is currently a banner on the project’s website that reads “No Official Public Sale of Acala Tokens”. and ask community members to report spoofing scams to the team. However, Cointelegraph has not identified any fraudulent Acala tokens being traded on Uniswap.

Fraudulent tokens target Uniswap merchants

Unlike centralized platforms, Uniswap does not maintain any rules or criteria for listing Anyone can add an ERC-20 token to the exchange.

The crypto market data aggregator, CoinMarketCap currently lists Uniswap as the host of over 400 active pairs and more than 300 markets that the platform has not yet verified.

The founder of Ethereum, Vitalik Buterin, published a Cointelegrap article this week about the distribution of fake tokens on Uniswap and advocated the establishment of “decentralized reputation systems” to reduce risk::

Filtering and QA functions performed by centralized services are essentialAlthough it is very dangerous for centralized agents to drown in these functions. We need to work more on decentralized reputation systems trying to get the best of both worlds.

The Dispute Settlement Protocol Kleros says its curated token registration can solve the problem of fraudulent tokens, since Your registry contains tokens that are not linked to malicious addresses and offers badges to indicate that the coins have had a background scan.

Kleros also released a Uniswap front end that prevents users from exchanging tokens that the project has not verified.

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