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Uniswap

Uniswap Founder Appears To Have Tweeted A Scam Link – What Happened?

Christian Encila
by Christian Encila
2 years ago
·
Posted in Uncategorized
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Uniswap Twitter followers wasted no time recognizing and alerting their community about a concerning situation emanating from none other than founder Hayden Adams himself. In an unfortunate turn of events, his account was compromised to facilitate a deceitful scheme.

The scam, orchestrated through a fabricated message, falsely asserted that Uniswap had fallen victim to an exploit. Moreover, unsuspecting Twitter users were coerced into clicking on an unsafe link, purportedly to reverse transactions and prevent crypto from being funneled into the hands of malicious attackers.

Uniswap swiftly responded to the incident, taking the initiative to caution its users against interacting with any links related to the scam.

Related Reading: Crypto Investors Targeted: Bad Guys Posing As Delivery Drivers Invade Homes In Canada

Uniswap Issues Warning And Recovers From Attack

On July 21, Uniswap Labs on Twitter stated that there were no ongoing promos and assured users that the Uniswap Protocol had not fallen victim to hacking or exploitation attempts.

.@haydenzadams’ Twitter account has been hacked. Please do not click on any links. There is no giveaway, airdrop, or bounty. The Protocol has not been hacked or exploited.

We will let you know when the issue is resolved

— Uniswap Labs 🦄 (@Uniswap) July 20, 2023

Shortly after the alert from Uniswap, Adams took to Twitter to announce that he had successfully regained control of his compromised account. He thanked everyone who contributed to resolving the issue and commended their efforts in issuing takedowns and warnings. He promised to provide further updates when appropriate.

In control of my twitter again 🫡

Appreciate everyone who helped out tonight, and the effort people put in to help with takedowns, warnings, etc

Will follow up with updates when ready https://t.co/t6WCAWOYlP

— hayden.eth 🦄 (@haydenzadams) July 21, 2023

Though limited details were available at the time of reporting, some have speculated that the incident could have been a SIM swap attack. A SIM swap hack involves attackers gaining unauthorized access to a victim’s phone, assuming their identity. Armed with this personal information, the attackers can potentially infiltrate personal accounts.

UNI market cap currently at $3.5 billion. Chart: TradingView.com

Tackling Crypto Scams

Unfortunately, the issue of scammers targeting users on social media platforms to deceive them into parting with their crypto assets or fiat money is nothing new. However, companies behind these platforms have been working to mitigate the number and frequency of such fraudulent schemes. 

In a recent move, Twitter’s executive chair, Elon Musk, announced on July 1, revealing the platform’s temporary measure to address the problem.

Related Reading: Crypto Tech Renaissance: AI And Big Data Push 300% Growth In 2023

Twitter’s approach involves limiting the number of daily posts users can read. This proactive step aims to detect better and eliminate bots and other malicious actors that often play a significant role in perpetuating scams. By putting this measure in place, Twitter hopes to create a more secure user environment and reduce the risk of falling victim to deceptive schemes.

While combating scams in the crypto space remains an ongoing challenge, it is encouraging to see social media platforms taking steps to protect their users and foster a safer digital ecosystem.

Featured image from The Bend Magazine

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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