Uniswap Founder Surprised by Elaborate Scam, Efforts Made to Counter It

Uniswap Founder Surprised by Elaborate Scam, Efforts Made to Counter It

Hayden Adams, the creator of the Uniswap protocol and CEO of Uniswap Labs, recently expressed his surprise on Twitter regarding a scam involving the creation of a fake Uniswap website.

Adams was amazed by the level of sophistication displayed in the scam, noting the significant effort put into it. He revealed that the scammers had incorporated content from the Chinese community and even included links to the legitimate Uniswap app on their deceptive website.

In an attempt to enhance the credibility of their scheme, the scammers went to great lengths by organizing a one-hour-long Zoom recording featuring individuals posing as high-ranking executives from Uniswap. This orchestrated video presentation aimed to deceive viewers and lend authenticity to the scam. Adams, upon viewing the video, expressed his bewilderment, stating, “The video is unbelievable. I have no idea who any of those people are.”

To clear up any misconceptions, Adams made it clear that neither Uniswap nor the Uniswap Foundation had any association or involvement with the video or the individuals featured in it.

Crypto Twitter speculated that the scam might be centered around a video promoting the Uniswap UNI token and featuring individuals from Shenzhen, China. The footage allegedly had titles such as “The first Uniswap Asian Summit” and “Guest: CEO of Uniswap.”

Adams and his team have been actively working to combat and mitigate the impact of the scam. Their efforts include taking down the domain used for the fraudulent website.

A Twitter user named Roland expressed astonishment at the events described in Adams’ tweet. Despite residing near Shenzhen, Roland claimed to be unfamiliar with such an event and suggested that it may have been organized discreetly due to China’s strict cryptocurrency regulations.

In 2018, the People’s Bank of China banned crypto exchanges in the country, citing concerns about unauthorized public financing. China has since banned all cryptocurrency operations since September 2021.