A scandalous occurrence has unfolded in China, where a scam targeting Uniswap, the largest on-chain trading protocol, has gained significant attention. The scam involved the creation of a fake Uniswap website and employed deceptive tactics to dupe unsuspecting individuals.
Hayden Adams, the creator of the Uniswap protocol, expressed his astonishment on Twitter regarding the extent of effort put into this elaborate scheme. He revealed that the scammers went to great lengths by incorporating Chinese community content and even including links to the genuine Uniswap app on their forged website.
To further enhance their deceit, the scammers orchestrated an hour-long Zoom recording, featuring individuals impersonating executives from Uniswap. Adams emphasized that neither Uniswap nor its Foundation had any affiliation with the video or the people involved, clarifying their innocence in the matter.
Crypto enthusiasts on Twitter speculated that the scam might have centered around a video supposedly showcasing individuals in Shenzhen, China, promoting Uniswap’s native cryptocurrency, $UNI. The video bore titles like “The first Uniswap Asian Summit” and “Guest: CEO of Uniswap.”
In response to this fraudulent activity, Hayden Adams and his team have been diligently working to combat the scam. Their efforts involve taking down the domain used for the forged website, aiming to protect users from falling victim to the scheme.
One Twitter user named Roland, also known as @thegrasscrown expressed surprise at the event mentioned in Hayden Adams’ tweet. Despite living just an hour away from Shenzhen, he claimed to not know about such an event. Speculating on the matter, he suggested that the event may have been promoted discreetly due to the strict regulations surrounding cryptocurrencies in China.
It is worth noting that the People’s Bank of China (PBOC) prohibited crypto exchanges from operating in the country back in 2013, citing concerns about unauthorized public financing. China has since expanded the ban, prohibiting all cryptocurrency operations since September 2021.
The Uniswap scam in China serves as a stark reminder of the constant threat posed by fraudulent activities within the cryptocurrency space. It highlights the importance of vigilance and due diligence when engaging in any online financial transactions or investments.