A recent report from the BBC shows that a cryptocurrency trader lost $20,000 on an app called “Uniswap” which had been created by hackers. This is just one of many examples of how crypto users are becoming increasingly vulnerable to scams and fraud.
Uniswap is a decentralized exchange that allows users to trade cryptocurrencies. The user lost $20K on a fake Google Play Store app.
Posted 9 months ago | 2 minutes to read
News from the Exchange
After entering the backup key word on a fake Uniswap mobile application accessible on the Google Play Store, an anonymous Uniswap user lost $20,000.
On the Google Play Store, there is a fake Uniswap app.
Scams in the crypto sector can occur in a variety of forms. However, a well-known crypto asset analyst alerted the community about a Uniswap-related fraud. On November 10, Uniswap Inc launched the “Uniswap DEX” app.
The loss was reported on a phony Uniswap mobile application by Alex Saunders, the founder and CEO of Nuggets News. However, in order to access the Uniswap decentralized exchange, the unidentified user allegedly put in their private backup key phrase. However, this resulted in a $20,000 loss on the phony Google app.
Alex Saunders’ tweet
Furthermore, the UniDEX application has received over 50,000 downloads and over 4,000 reviews. The bogus app, on the other hand, has just 100 downloads and 100 good ratings.
Uniswap has also become the most well-known decentralized exchange for traders seeking low-cap cryptocurrencies. Also, there are certain materials that aren’t accessible on the main platforms. According to DeFi Pulse, the total value of Uniswap is now above $1.3 billion.
Frauds cost investors at least $4.3 billion in 2019, according to Chainanalysis research experts. This is an increase of more than $3 billion over the preceding two years. The NewsCrypto team also wants consumers to be extra cautious about safeguarding their own money and personal information.
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