Fake Tokens on Uniswap Are Trying to Cash in on DeFi Hype

Contents

DeFi exchange Uniswap flooded with scam tokens

DeFi exchange Uniswap flooded with scam tokens
CONTENT

  • More than a dozen scam tokens appeared on DeFi on Uniswap.

  • Dawn of scam tokens falls at the peak of the DeFi market.

  • The developers of the exchange do not yet know whether it is worth adding the functionality of checking scam tokens.

International consortium of news organizations, developing transparency standards.

Dozens of scam tokens have appeared on Uniswap posing as legitimate DeFi protocols including 1inch.exchange, dYdX, bZx, and Tornado.cash.

Etherum blockchain-based protocol for decentralized exchange of ERC20 Uniswap tokens flooded with fraudulent tokens.

DeFi, an analytics service, reported this Decentralized Finance (DeFi) is a blockchain-based financial service that offers users access to an open, efficient and…

DeFi Uniswap Exchange Flooded With Scam Tokens

More Prime on Twitter.

Fraudulent tokens have flooded Uniswap as the decentralized marketplace allows anyone to import their own tokens based on the ERC20 protocol without any verification.

It is still unclear how many users were tricked by the appearance of a dozen fake tokens, since the exchange does not have a mechanism to detect fake listings..

Digital impostors

According to DeFi Prime, the following fraudulent tokens have already been identified on Uniswap 1inch, CRV, BZRX, TornadoCash, dYdX, Uniswap Community, The Balancer (BAL) [whose address starts with 0x6cb8 …] and Opium.

The massive appearance of fraudulent tokens is due to the fact that the DeFi start-up market is experiencing a historic boom.

According to DeFi Prime, there may be as many as a dozen counterfeit coins on Uniswap that impersonate real projects and trick users into buying scam tokens with real ETH..

The curiosity of the situation is also due to the fact that Uniswap is one of the five DeFi projects on which bitcoin is actively traded, which makes the project one of the most popular on the market..

Dark forest

DeFi projects industry has long suffered from fraudulent schemes and hacker attacks.

In April of this year, Chinese DeFi project Lendf lost 99% of its ETH and BTC assets in a hacker attack..

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According to Robert Leschner, head of another DeFi project called Compound, the attacker was able to completely empty the protocol wallets because the dForce team simply copied the first version of its protocol and did not even bother to make any changes..

What do you think? Should decentralized services add verification functionality? Share your thoughts in the comments and join to discussions in our Telegram channel.

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DeFi Uniswap Exchange Flooded With Scam Tokens

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DeFi Uniswap Exchange Flooded With Scam Tokens

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