Scams within the cryptocurrency industry come in different forms, and have plagued the cryptocurrency market for years.
Uniswap is a decentralized exchange (DEX) that allows users to deposit funds from their Ethereum wallets but does not currently offer a mobile app.
As reported by cointelegraph, Alex Saunders, the popular cryptocurrency commentator and CEO of the Australia-based Nuggets News, recently reported that one of his members lost $20,000 to a fake Uniswap mobile application that was listed on the Google Play Store. The app, called “Uniswap DEX,” was published Nov. 10 by a person or entity called Uniswap Inc.
There is currently more than $1.3 billion in total value locked into Uniswap, making it the biggest decentralized finance exchange.
It is reported that the user entered in their private key backup phrase, thinking they were accessing the Uniswap decentralized exchange, when the theft occurred.
According to cryptopotato, it seems that someone has copied Uniswap’s application (UniDEX) and placed it for downloads on the Google Play Store, the online store for applications, music, movies, games, and more for Android users.
The copycat app has also received 100 “fake positive reviews,” which seemed sufficient for the victim to input his private key backup phrase. Although, a simple search showcases that while the UniDEX application has over 50,000 downloads and 4,000 reviews, the fake app has only 100 downloads and the aforementioned 100 reviews.