A fake mobile app claiming to be the Uniswap exchange allegedly stole money from an investor. This is an important reminder of the scams that still exist in the burgeoning crypto industry.
Alex Saunders, Founder and CEO of the Australian company Nuggets News, reported Recently, one of its members lost $ 20,000 to a fake Uniswap mobile app that was listed on the Google Play Store. The application called “Uniswap DEX”, was released on November 10th by a person or organization called Uniswap Inc.
The user allegedly entered their private key backup phrase. I thought he was going to access Uniswap’s decentralized exchange. when the robbery took place.
At the time of this writing The app had 123 positive (probably fake) reviews on the Google Play Store and was still available for download. So far, more than 100 people have downloaded the app
Uniswap quickly proclaimed itself the most popular decentralized exchange for traders who want to access smallcoins with small market capitalization and other assets that are not readily available on major platforms such as Coinbase or Kraken. The platform allows users to deposit funds from their Ethereum wallets but does not currently have a mobile application.
nowadays Uniswap is valued at more than $ 1.3 billion. This makes it the largest decentralized financial exchange.
Ponzi programs, scams, and other scams have plagued the cryptocurrency market for years. An investigation of Chain analysis shows, that Fraud cost investors around $ 4.3 billion in 2019. versus $ 3 billion over the past two years combined.
Cryptocurrency fraud is so widespread that The California attorney general has urged the public to be wary of shady deals in this sector. In a statement released on Aug. 7, Xavier Becerra said:
“Recently, unscrupulous actors as well-known politicians, celebrities and business people have been posing on social media and YouTube channels in ‘giveaway’ scams that have falsely promised, for example, to duplicate any digital asset sent to a wallet from specific digital assets “.