A fake Uniswap account with 100 downloads that comes with reviews has recently victimized an investor. The user downloaded the fraudulent app resulting in a loss of $20,000 on the investor’s end. This was revealed by Alex Saunders in one of his recent tweets. He said one of their members just lost $20K after downloading a fake Uniswap app on the Google Play store.

Alex Saunders tweet on fake Uniswap app scam

The theft happened after the user entered his private key backup phrase. According to sources, the fake app now has more than 100 downloads and positive reviews which are most likely scams. 

Uniswap is a set of computer programs that run on the Ethereum blockchain and allow for decentralized token swaps. It has a total market cap of $848,760,870 with its current price at $3.80. 

We have seen a lot of scams happening in the crypto world lately. As technology advances, so are these scammers. These unscrupulous individuals even resorted to using celebrities. The impersonation of “Elon Musk” is one of the most popular to date resulting in a loss of $130,000 in just a day.

The phishing scam is also on the rise using the homoglyph attack. One of the first recorded attacks was that of Binance. Fortunately, the exchange was quick to respond and recently the perpetrators were charged and were put behind bars. Ledger customers were not so fortunate though. The attack on the major crypto hardware provider resulted in a  total loss of 1,150,000 XRP from its customers. Ripple’s customers also lost 2,100,000 XRP on a similar attack.

The genuine UniDEX application has over 50,000 downloads and 4,000 reviews while the fake app only has 100 downloads. The crypto world has a lot of good things to offer and one of them is Uniswap being the most popular decentralized exchange for traders looking for alternative altcoins to invest. But it also poses risks and dangers especially for those who are not prudent. Scammers abound where money flows. Like sharks in an open sea, they are easily attracted to the scent of blood. With the recent scam involving a fake Uniswap app, investors should remain guarded and cautious of any online scam. So before even entering your private key details, you need to double-check or even triple check.