Uniswap founder Hayden Adams warns of fraudulent ads impersonating the platform, leading to significant user losses. A prominent victim detailed losing his entire six-figure crypto wallet after clicking a fake ad. This comes as January saw cryptocurrency theft from scams and exploits surge to $370 million, the highest monthly total in nearly a year.
Hayden Adams, founder of the decentralized exchange Uniswap, has warned users about fraudulent ads impersonating the platform. He highlighted a case where a victim reportedly lost everything.
Adams stated that “Scam ads keep returning despite years of reporting.” He noted scam apps appeared while waiting for official App Store approval. Scammers buy ads targeting keywords like “Uniswap” on search engines.
An X user named Ika detailed losing a wallet valued in the mid-six figures. “I believe that getting drained isn’t bad luck. It’s the final consequence of a long chain of bad decisions,” he said.
This issue has occurred before, with scammers previously creating fake sites mimicking Uniswap. The value of cryptocurrency stolen through exploits and scams reached $370 million in January.
This figure represents the highest monthly total in 11 months. Security firm CertiK reported 40 exploit and scam incidents occurred in January. The majority of stolen value came from one victim losing approximately $284 million.
