An unnamed user of Uniswap lost $20,000 after adding the backup key phrase on a fraudulent Uniswap mobile application available on the Google Play Store.
Fake Uniswap app on Google Play Store
Nowadays the scams inside the crypto space have come in different ways. However, a popular crypto asset commentator warned the community about a scam using the Uniswap name. Uniswap Inc released the app named “Uniswap DEX” on November 10.
The founder and CEO of the Nuggets News Alex Saunders reported about the said loss on a fake Uniswap mobile application. However, the unnamed user reportedly added in their private backup key phrase, in order of accessing the Uniswap decentralized exchange. However, this resulted in the loss of $20,000 on the fake google app.
Moreover, it is found that the UniDEX application has more than 50,000 downloads and over 4,000 reviews. On the other hand, the fake app has only 100 downloads and only 100 positive reviews.
Furthermore, Uniswap has emerged as the most famous decentralized exchange for traders looking to access low-cap altcoins. And other assets that are not available on major platforms. According to DeFi Pulse, there is currently over $1.3 billion in total value locked into Uniswap.
Chainanalysis research analysts show that frauds cost investors at least $4.3 billion in 2019. This is more than $3 billion in the previous two years combined. Further, NewsCrypto teams want users to be more vigilant in protecting their own funds and personal data.