Topic: Uniswap has made it easier for scammers? - page 2. (Read 858 times)
Some scammers have become particularly creative. They analyze what services users use and make the project seemingly legal. For example, they block liquidity, but at the same time they have access to their own tokens and can sell them.
Uniswap is a Decentralized exchanger based on ethereum blockchain and anyone can create their own token. On the Uniswap info website, there is a warning that the token being transacted may be a token that does not have a project, aka a scam, so we need to be careful. I think we need to be careful before transacting and make sure that the smart contract of the token we want to trade is correct
Since DeFi hype start skyrocketing few months ago scammers have been attracted to uniswap platform, here is what they do, the scammers impersonate new projects that's yet to list on Uniswap, they build fraudulent coins with the same name as the unlisted token and sell the fake tokens on uniswap.
Such fraud is very easy to check and should not be a problem for those who want to buy the original token. When buying a token that interests us, we enter the address of the smart contract instead of the name and then make the purchase.
We ourselves must take care of the security of the transaction on Uniswap.
Uniswap is a dex exchange and they don't guarantee anyone's safety, it's a freedom eden, users are on their own at what ever they plan to do on this exchange, before buying any tokens from uniswap try to contact the project team and ask them for their token smart contract, this is the only to avoid getting scammed on uniswap.
No, it doesn't guarantee safety I know that but It can help to reduce scammers by asking KYC from liquidity providers, I am pretty sure it helps a lot, it is not just fake smart contract people could fall in, some people provide very insecure liquidity for some ICOs before the Chef of that ICO adds it, I have seen one of them where the ICO admin himself asked people to don't trade that on UNISWAP because the price is insecure and it has so many differences from real price, I know we can't blame UNISWAP for that but If it's KYC mandatory for liquidity providers, maybe people can recognize it better to buy from which pool, with which name and smart contract and they would be sure that liquidity has been provided from the right person.
We all have heard some of the Uniswap pull-rugs recently, there are some thread on here you can see, I made on of them as https://bitcointalksearch.org/topic/--5281309 , but the list is going to be infinite if I want to add some of them daily, Usually, we hear big scams but a lot of them never mention as they are so small in comparison with those big ones, DEX was a good idea and neat but UNISWAP and Bounce.finance these days have been a reason of so many pull rugs, I don't remember I hear so many scams like now before, do you agree with me?
I think these scams could affect on crypto reputation, as many newbies, especially reach ones would like to make a house on firm and safe ground, I wonder how we can help to reduce scams on DEXes?I know with code analysis we can guess that more likely but what about those ones who don't know the coding that much? how we can find out potential scams before they pull the rug?
reducing scam in Dex ?don't support the project and never invest on them and from that surely there is no scamming will happen in future.I think these scams could affect on crypto reputation, as many newbies, especially reach ones would like to make a house on firm and safe ground, I wonder how we can help to reduce scams on DEXes?I know with code analysis we can guess that more likely but what about those ones who don't know the coding that much? how we can find out potential scams before they pull the rug?
remember that scammers are aggressive because there are a willing to be a victim or a fool trying to make easy money.
if those are the problem then surely we cannot do anything about them because it is their money that will be enter the fake projects.
There is no crime in finding answers to everything you want to do or have desire for, i believe information is what makes the web the best place to get answers, use the web for it's purpose, don't blindly do things without any knowledge, don't be like those who like earning first and learning later, they only learn when they make grave mistakes
scammers are everywhere even outside of the crypto space they scattered all over the world. What we need to do is, we should put on the full armor of knowledge and wisdom to avoid all this kind of fraud or scam. If we have fallen victim to scam, has no one but ourselves to blame.
The only way not to get scammed is to be more knowledgeable than scammers we must know how they think, how they do their business, what I mean is awareness, if we are aware that we know how they work there will be fewer people who will get scammed and they will eventually stop scamming people as long we exposed them.
We could assume that Uniswap makes it easy for scammers to commit fraud, because without KYC security procedures users are more vulnerable.
But as long as we do our research properly before deciding to buy tokens, we should avoid project scams. Because scammers are everywhere,
even scammers are on centralized exchanges with high levels of security. As long as we are not easily influenced by hype projects, we are not greedy
and we are always careful in doing research. Should be able to avoid project scams.
Well said and agree, scammers are everywhere even outside of the crypto space they scattered all over the world. What we need to do is, we should put on the full armor of knowledge and wisdom to avoid all this kind of fraud or scam. If we have fallen victim to scam, has no one but ourselves to blame. But as long as we do our research properly before deciding to buy tokens, we should avoid project scams. Because scammers are everywhere,
even scammers are on centralized exchanges with high levels of security. As long as we are not easily influenced by hype projects, we are not greedy
and we are always careful in doing research. Should be able to avoid project scams.
This is a question that has been bothering me too as I have been a victim of buying into scam projects on Bounce Finance platform before. The project raised about 7500 ETH and then listed for a while on Uniswap with very poor liquidity, deleted the TG group and cut off all communications with investors. No project development. They just shared the ETH and disappeared.
This is a downside of decentralization as anyone can list a token on this platform. But as it is commonly mentioned, do your own research. I don't ignore any red flag again.
Bunch of scammers were always creating shit scam erc20 tokens as they were seeing an opportunity to fool people through use the fake contract.
I have heard that kind of project that you have talked above.
We could assume that Uniswap makes it easy for scammers to commit fraud, because without KYC security procedures users are more vulnerable.
But as long as we do our research properly before deciding to buy tokens, we should avoid project scams. Because scammers are everywhere,
even scammers are on centralized exchanges with high levels of security. As long as we are not easily influenced by hype projects, we are not greedy
and we are always careful in doing research. Should be able to avoid project scams.
But as long as we do our research properly before deciding to buy tokens, we should avoid project scams. Because scammers are everywhere,
even scammers are on centralized exchanges with high levels of security. As long as we are not easily influenced by hype projects, we are not greedy
and we are always careful in doing research. Should be able to avoid project scams.
At the peak of Initial Coin Offering in 2017, many shitcoins were created, pumped and dumped on unsuspecting crypto investors. The same pattern is playing out again with the emergence of Defi projects on decentralized exchanges, DEX.
The same pattern will continue until there is strict regulations in the market, i was not expecting the same shit coins being created and the same old pump and dump pattern will rise again but the hype of DeFi changed everything and people will invest left and right without even thinking and even though we have seen many scams i am amazed at the way in which people are willing to risk to make a profit. 
Yes, this is the right place for scammers but don't worry about that, people who have knowledge don't not easy to get scammed, only newbie and greedy people can get scammed with these exchanges.
With Unsiwap hype maybe so many newcomers in crypto interested to try it, little advice always check the smartcontract before doing a transaction
With Unsiwap hype maybe so many newcomers in crypto interested to try it, little advice always check the smartcontract before doing a transaction
We all have heard some of the Uniswap pull-rugs recently, there are some thread on here you can see, I made on of them as https://bitcointalksearch.org/topic/--5281309 , but the list is going to be infinite if I want to add some of them daily, Usually, we hear big scams but a lot of them never mention as they are so small in comparison with those big ones, DEX was a good idea and neat but UNISWAP and Bounce.finance these days have been a reason of so many pull rugs, I don't remember I hear so many scams like now before, do you agree with me?
I think these scams could affect on crypto reputation, as many newbies, especially reach ones would like to make a house on firm and safe ground, I wonder how we can help to reduce scams on DEXes?I know with code analysis we can guess that more likely but what about those ones who don't know the coding that much? how we can find out potential scams before they pull the rug?
I think these scams could affect on crypto reputation, as many newbies, especially reach ones would like to make a house on firm and safe ground, I wonder how we can help to reduce scams on DEXes?I know with code analysis we can guess that more likely but what about those ones who don't know the coding that much? how we can find out potential scams before they pull the rug?
This is a question that has been bothering me too as I have been a victim of buying into scam projects on Bounce Finance platform before. The project raised about 7500 ETH and then listed for a while on Uniswap with very poor liquidity, deleted the TG group and cut off all communications with investors. No project development. They just shared the ETH and disappeared.
This is a downside of decentralization as anyone can list a token on this platform. But as it is commonly mentioned, do your own research. I don't ignore any red flag again.
The only way not to get scammed on uniswap exchange is knowing the smart contract of the token you want to purchase, enough is enough, too many DeFi projects are scam and I hope that new crypto investors will learn how to avoid the bad projects
Newbies are likely to get scammed. They don't do much research with projects that they invest in. But one thing to check is what you have said. If they are eager to invest in projects or tokens listed on Uniswap, they need to check the legitimacy through the token address / smart contract address. Scammers will always act like that trying to get victims that are not to versed with what they do.
Don't blame Uniswap mate. Decentralized exchanges have been around long before Uniswap and yes, it made it easier to scam people because decentralized means no KYC. And guess what? ICOs were the same too, everybody was scamming everybody and there were no repercussions for anonymous devs. But don't blame the tech. Blame the investors.
true, investors should always be careful in choosing coins for their investment, sometimes there are investors who are too greedy, until they forget to check the coin, I've seen some coins that are very expensive, but still they buy it 
...how we can help to reduce scams on DEXes?..
I think very few newcomers start working with DEX without having experience with centralized exchanges. Therefore, everyone should know that there are a lot of fakes on decentralized exchanges. Everyone should know how to buy a coin using the contract number, and also need to choose to buy a token that has an audit check.
There will be scammers as long as there are greedy people who can jump on any new token to be among the first ...
People who take the time to learn before investing rarely get scammed
.
(Some teams are however in the process of developing solutions to avoid or minimize 'rug pulls').
People who take the time to learn before investing rarely get scammed
.(Some teams are however in the process of developing solutions to avoid or minimize 'rug pulls').
There's no way to stop this from happening except warning newbies to be careful about what they invest in. It's very easy to list coins on DEX and dex can't be stopped because it's decentralized. And about reputation, I don't think this will do anything to crypto reputation in my opinion. There's already a warning that they are investing in a risky asset and they should be responsible for it.
I think we can't stop with just newbies, there are tons of people who I know for years now did fall for many scam projects because defi was the big hype. They have joined many staking pools and helped with many liquidity providing and basically all around got involved with many defi projects all because they believed this was the gold rush of our time and they had to take a small piece with them if they can.Some of them did made some profits but others lost and I can tell you that the amount lost was bigger than the amount won in that situation. So, it is not just newbies that fall for these type of stuff, there are tons of people who have been around for years and seen centralized crypto world and believed decentralized could be the future.
Don't blame Uniswap mate. Decentralized exchanges have been around long before Uniswap and yes, it made it easier to scam people because decentralized means no KYC. And guess what? ICOs were the same too, everybody was scamming everybody and there were no repercussions for anonymous devs. But don't blame the tech. Blame the investors.
UNISWAP has become a haven for scammers,especially on its new days' tons of ETH have been rubbed due to fake smart contract and the same name seems like every thing when it's new has a lot of bugs that scammers know how to use them!
Jump to: