Uniswap's Founder Critiques Deceptive Crypto Advertising After User's Major Loss
Hayden Adams raises awareness about fake ads targeting Uniswap users, following a significant loss experienced by one individual.
Hayden Adams, the founder of Uniswap, is sounding the alarm about false advertising that is misleading users into thinking they are interacting with the legitimate platform. He has pointed out a specific incident in which an individual lost a portfolio valued at a substantial mid-six-figure sum due to a fraudulent search result that appeared as Uniswap.
This warning follows a record month for cryptocurrency scam losses, with January marking the highest amount stolen in nearly a year.
“Scam ads keep returning despite years of reporting,” Adams stated in a recent post on X (formerly Twitter). “There were scam Uniswap apps while we waited months for App Store approval.”
Fraudsters are now buying ads on popular search engines and targeting keywords associated with Uniswap. This deceptive practice leads unsuspecting crypto enthusiasts to click on ads, thinking they are using the real platform, which can result in them unknowingly approving transactions that end up draining their wallets completely.
Consequences of Poor Decisions
An X user identified as “Ika” remarked in a post titled “I lost everything, what’s next?” that despite taking great precautions, he lost access to his crypto wallet worth mid-six figures. He stated, “Disciplined for two years. Half-searching for a web3 job, half-hoping to make it fast enough not to need one.”
Ika added, “I believe that getting drained isn’t bad luck; it’s the final consequence of a long chain of bad decisions.”
The lengthy discussion followed shortly after he shared a screenshot showing a top Google search result leading to a fake Uniswap link.
The issue of fake ads is not new for Uniswap. months ago, reports indicated that scammers have been creating look-alike sites that closely mimic the legitimate platform, even altering key navigation elements to trick users into connecting their wallets.
In the past month alone, the value of cryptocurrencies lost through various scams reached an alarming total of $370.3 million, indicating a significant increase in fraudulent activities in the crypto space.
