- Hayden Adams warns that fraudulent search ads impersonating Uniswap continue to resurface despite years of reporting.
- A trader known as “Ika” says a fake sponsored link led to the loss of his entire mid-six-figure crypto portfolio.
- January saw US$370.3 million (AU$522.12 million) stolen, with a major share linked to a single social engineering attack.
Uniswap founder Hayden Adams has warned users about fraudulent advertisements impersonating the decentralised exchange after a trader said a scam “drained everything” from his wallet. The alert follows reports that January recorded the highest amount stolen in crypto scams in 11 months.
In a post on X, Adams said “Scam ads keep returning despite years of reporting,” adding, “There were scam Uniswap apps while we waited months for App Store approval”. He also wrote that the team had been battling counterfeit apps and misleading advertisements “for years”.
Related: Uniswap Goes Live on X Layer: Faster, Cheaper DeFi—All in One Place
How Wallets Get Drained
According to Adams, scammers are purchasing sponsored placements on major search engines using terms such as “Uniswap”, causing fraudulent links to appear above the legitimate site. These imitation pages are designed to closely replicate the official interface, prompting users to connect wallets and approve transactions that enable attackers to empty funds within seconds.
An X user known as “Ika” said in a post titled “I lost everything, what’s next?” that his mid-six-figure portfolio was wiped out. “I believe that getting drained isn’t bad luck. It’s the final consequence of a long chain of bad decisions,” he wrote. He had earlier shared a screenshot showing a top Google result linking to an inauthentic Uniswap site.
The incident comes as crypto-related theft surged, with US$370.3 million (AU$522.12 million) stolen last month, the highest monthly total in 11 months. CertiK said that among 40 incidents in January, most losses stemmed from a single victim who lost about US$284 million (AU$400.44 million) in a social engineering scam.
Related: Ethereum Faces Potential 22% Slide to $1,500 as Bitcoin Drags Market Lower
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