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Fake Uniswap app on Google Play Store has already lost one user $20,000

Fake Uniswap app on Google Play Store has already lost one user $20,000

A fraudulent cellular software claiming to be the Uniswap alternate has reportedly stolen cash from an investor, providing an necessary reminder of the scams that also pervade the nascent cryptocurrency business.

Alex Saunders, founder and CEO of the Australia-based Nuggets Information, not too long ago reported that considered one of his members misplaced $20,000 to a faux Uniswap cellular software that was listed on the Google Play Retailer. The app, known as “Uniswap DEX,” was revealed Nov. 10 by an individual or entity known as Uniswap Inc.

The person reportedly entered of their personal key backup phrase, pondering they had been accessing the Uniswap decentralized alternate, when the theft occurred.

At press time, the app had 123 (doubtless faux) optimistic opinions on Google Play Retailer and was nonetheless accessible for obtain. Greater than 100 individuals have downloaded the app thus far

Uniswap has shortly emerged as the preferred decentralized alternate for merchants trying to entry low-cap altcoins and different belongings not available on main platforms like Coinbase or Kraken. The platform permits customers to deposit funds from their Ethereum wallets however doesn’t at present provide a cellular app.

There may be at present greater than $1.three billion in complete worth locked into Uniswap, making it the most important decentralized finance alternate.

Ponzi schemes, scams and different frauds have plagued the cryptocurrency marketplace for years. Analysis from Chainanalysis exhibits that frauds price buyers at the very least $4.three billion in 2019, up from $three billion within the earlier two years mixed.

Crypto scams have grow to be so pervasive that California’s lawyer basic has urged the general public to be cautious of shady dealings on this sector. In a press release revealed Aug. 7, Xavier Becerra mentioned:

“Not too long ago, unscrupulous actors have impersonated well-known politicians, celebrities, and enterprise executives on social media and YouTube channels in ‘giveaway’ scams that falsely promised, for instance, to double any digital belongings despatched to a particular digital asset pockets.”