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Google Ads does not protect people from cryptocurrency fraud

August 13, 2020

Users of the decentralized exchange Uniswap could be at risk thanks to a new announcement from Google.

“URGENT WARNING FOR EVERYONE USING UNISWAP,” said BitBoy, the cryptocurrency influencer and YouTuber, all in one Tweet August 11th.

Tagged Google’s Twitter accounts, he added:

“Google should be ashamed. Anyone who runs GoogleAds fails miserably. On YouTube, where scammers receive ads, and now on their own platform.”

Google Ads does not protect people from cryptocurrency fraudGoogle Ads does not protect people from cryptocurrency fraud

According to BitBoy, entering a Google search for “UniSwap” sometimes returns a promotional link as one of the first results. “When you click on this ad, you will be taken to a website that looks exactly like Uniswap but asks for the starting phrase in your wallet,” the influencer explained in part of his tweet.

Entering such a security phrase leads to the theft of funds from the associated memory. The Uniswap scam cost one of BitBoy’s compatriots $ 30,000, as the influencer explained in detail.

Uniswap has grown in popularity among participants in the crypto world in recent weeks, placing fraud at the center of high altcoin prices.

The fake Uniswap scam site isn’t the first nefarious effort to circumvent Google’s oversight, either.. Various fake ads and videos have been displayed on YouTube, Google’s subsidiary. Such videos urge viewers to send cryptocurrencies to an address while promising that they will receive a larger amount of cryptocurrency to be sent to them, an ancient crypto scam stunt.

Meanwhile, many legitimate crypto YouTubers have struggled through account suspensions and strikes since December 2019.

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