Adams tweeted his astonishment at the hoax’s level of complexity.

The CEO made it clear that the Uniswap Foundation and Uniswap were not connected.

Uniswap Labs CEO and protocol developer Hayden Adams recently went to Twitter to express his dismay over the presence of a fake Uniswap website. Adams tweeted his astonishment at the hoax’s level of complexity, noting the effort and time that went into its creation. He continued by saying that the scammers had even utilized Chinese language content. And links on their bogus website to the genuine Uniswap app.

Moreover, the fraudsters, posing as high-ranking Uniswap officials, went to great lengths to make their proposal seem credible. Including recording themselves on Zoom for an hour. This clip was carefully crafted to give the impression that the fraud really occurred.

Trying to Mitigate its Impact

Also, Adams made it clear that the Uniswap Foundation and Uniswap were not connected to the problematic film or its subjects. Despite widespread misconception to the contrary.

Twitter users have speculated that a video portraying people from the Chinese city of Shenzhen promoting a business named “Uniswap” is fake. Tags on the video files were “The first Uniswap Asian Summit” and “Guest: CEO of Uniswap.”

Furthermore, Adams and his team have been toiling to put an end to the scam and mitigate its impacts. The bogus website is being combated by efforts to deactivate the domain it was created on.

Moreover, a surprising majority of the Uniswap community voted against implementing fees for liquidity providers (LPs) on the protocol on Thursday. Over 45% of the community opted for ‘no fee,’ while 42% favored charging LPs 20% of the money produced by Uniswap V3 pools.

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Filed under: Bitcoin - @ June 4, 2023 5:55 pm