Uniswap discredits $2 million exploit rumors as phishing scam

Hayden Adams, the Uniswap founder, has refuted rumors of a $2 million exploit on the decentralized exchange (DEX), attributing the misinformation to phishing scammers.

Fake Uniswap exploit

In a Nov. 10 post on X, Adams shared screenshots exposing the spread of false claims by scammers targeting Uniswap users.

These scammers replicated the X accounts of on-chain sleuth ZachXBT and blockchain security firm CertiK to deceive users into clicking a link for alleged “approval revocation.”

One impersonator account suggested that two of Uniswap’s hot wallet addresses were drained of 1,064 ETH, equivalent to $2 million, while several bot accounts on the social media platform lied about losing their funds through the incident.

This false news was given more bite as the scammers trended the Uniswap hashtag in the U.S.

It was unclear if any Uniswap user had fallen for the scam as of press time.

No exploit

Adams, however, has assured the crypto community that the DEX suffered no exploit and cautioned users against falling for phishing scams.

According to him, the accounts spreading the fake news are not authentic. Adams said:

“Watch out for phishing scammers pretending there is a Uniswap exploit tonight. There isn’t, and that’s not the real Zachxbt, Certik, etc.”

On his part, ZachXBT said there was nothing he could do about the impersonators because this was a “very common occurrence.”

The on-chain investigator has consistently decried the spate of phishing scammers on the social media platform and has advised X to up its security measures.

Phishing scammers increasingly target Uniswap

Meanwhile, this incident isn’t the first time Uniswap has been targeted in a phishing scam.

Last month, scammers used a fake Blockworks site to disseminate false news of a multimillion-dollar “approvals exploit” on Uniswap.

The scammers prompted visitors of their fake site to visit a counterfeit Etherscan website to revoke approvals. This fake news gained traction on various crypto-related subreddits.

Before this, blockchain security firm PeckShield Alert had issued warnings about phishing accounts disseminating false information about Uniswap in April.

At the time, Peckshield stated that the scammers were using “completely false statements” to trigger unsuspecting individuals to click phishing links that would steal their crypto assets.