Uniswap CEO Warns of Scam Ads After $370M January Crypto Losses
- The amount of cryptocurrency swept via exploits and scams was $370.3 million in January, the biggest monthly figure in 11 months
- CertiK mentioned that out of the 40 exploits and scams witnessed in January, the major portion of the total value stolen came from one victim
The chief executive officer of Uniswap, Hayden Adams, has alerted users regarding fraud ads mimicking the platform, underscoring a case in which someone reportedly lost everything. It comes following the highest amount of funds stolen in crypto scams in January in 11 months
He also mentioned that scam ads keep returning regardless of years of reporting, and there were scam Uniswap apps while we waited months for App Store approval, Adams mentioned in an X post on February 20
He further went on, mentioning that scammers are increasingly purchasing ads on famous search engines, targeting keywords such as “Uniswap”, so when any user searches it, the top result seems official
Unsuspecting users may then associate their wallets and approve a transaction, permitting scammers to take out their complete funds
User Shares His Story
A social media user named “Ika” mentioned in an X article named “I lost everything, what’s next?” that his crypto wallet contained a mid-six-figure range value, and it got swept regardless of extreme care
The user further went on to write that, “Disciplined for two years. Half-searching for a Web3 job, half-hoping to make it quick enough not to need one. I trust that getting swept is not bad luck. It is the last result of a long chain of bad decisions.”
He also shared a screenshot of a top Google search result having an inauthentic Uniswap link. However, this isn’t the first time that Uniswap has faced this issue. In October 2024, scammers identified the lack of domain authority of the website and made a version of the site that seems exactly like the actual one, except that it showed a “connect” button where “get started” should have been and a “bridge” button where it mentions “read the docs”
Now, the amount of cryptocurrency swept via exploits and scams was $370.3 million in January, the biggest monthly figure in 11 months and around four times the increase from January 2025
CertiK mentioned that out of the 40 exploits and scams witnessed in January, the major portion of the total value stolen came from one victim that lost about $284 million because of a social engineering scam
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