Uniswap has made it easier for scammers? - page 3.

tvplus006

legendary

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To the Moon

Quote from: luckyflop on November 07, 2020, 09:31:43 AM

...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.

istiak2277

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KUWA.ai

Quote from: luckyflop on November 07, 2020, 09:31:43 AM

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?

Not only uniswap there are other platforms similar to this that became a safe place for the scammer. Anyone can create a market there with any coin and sell it. And ethereum smart contract isn't preventing anyone from creating a token in a similar name. So scammer sometimes issued a token with the same name. I lost more than 200$ in that way.

zasad@

legendary

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Quote from: asriloni on November 07, 2020, 06:30:53 PM

Quote from: Stanlo on November 07, 2020, 01:18:24 PM

Scammers took advantage of uniswap to the core, many tokens are fake on the exchange, if you are new to crypto isn't better to take a good look at the smart contract of your original token and compare before buying on uniswap or else you will buy the wrong token

The developers are also need to checking it too. As far as I know the scammers will always try to create the fake tokens when there's a legit ico and the scammer will try to make it becomes very similar with the official smartcontract that has been published by the developers. In my opinion if it's not only participants but the developers who have been running the ico must also regularly spread the message about this too.
It will help the participants to avoid or determine which is the scam contract.
I'm always seeing the scammer was also publishing it on the telegram group too.

Introducing Token Lists
Hayden Adams, Moody Salem(C)
August 26th, 2020
https://uniswap.org/blog/token-lists/
Have you read this guide?

Even if you are invited to uniswap via a link from a telegram channel or another resource, you will have a warning:

It is imperative to check smart contracts.

raidarksword

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Activity: 2044

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Rug pull scams on Uniswap are very rampant now wherein many people got scammed by new fake projects and offering people flowery words profit, listing on binance etc. if they buy tokens to them. Most fake projects doing these were using DeFi hype just to target people who are mostly new and no idea about the project. Yes that's so true that scammers abusing the Uniswap platform because it's DEX wherein anyone can list just by contract address and that what's make it the disadvantage of DEX. But it doesn't mean it's Uniswap's fault, instead self-discretion will always be on the people at first to do research and before putting venture on new crypto projects especially if that project using Uniswap.

samcrypto

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Quote from: Dariusburst on November 08, 2020, 05:45:56 AM

Uniswap lose millions of its liquidity because of major sold off from some DeFi tokens both legit and scam DeFi projects, now that DeFi hype is over many it's volume keeps decreasing, DeFi projects are what makes uniswap successful in the first place

Without a hype, it will be hard for DeFi to rise same with UNI and maybe they also benefited with those scam projects and allow it easily. There’s a lot of fake token on UNI platform though they make a statement the moment you enter on their site, a warning not to deal with those fake token its still be hard for a newbie to recognize those fake one, i have to admit that DEX are more prone to scammers but of course, they are everywhere always.

Dariusburst

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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

Psynthax

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That's the disadvantage of dex, too easy for some stranger to take advantage of kinda reminds me fake smart contract address to scam people into buying fake coin. Freedom always comes at cost and I think this one is indeed the cost. On the other hand some people really need to stop investing into these .finance gimmick without knowing who's behind the project.

Dariusburst

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Uniswap lose millions of its liquidity because of major sold off from some DeFi tokens both legit and scam DeFi projects, now that DeFi hype is over many it's volume keeps decreasing, DeFi projects are what makes uniswap successful in the first place

SyndicateLabs

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IMO the short-term trend of defi projects development is coming to an end, and what we have seen are projects pumping huge money into defi projects that are tied and swapped on uniswap, not just. each uniswap is doing it indirectly and some of the major exchanges are still fooled by some such projects. I think people need to stop the hype about defi, it's not yet fully realized to the extent that we want it to be, our future is entering a new cycle into new trends that are waiting for a while so let's ignore this. and I see the market moving up rapidly in the face of big news.

tarable

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Quote from: Rowenta on November 08, 2020, 03:36:30 AM

Not just Uniswap, it's been same story with dex exchanges right from time, it's a place where anyone can list for free and there is no screening available on the tokens to find out if they are real or fake, most especially DeFi tokens, they are mostly copied tokens with same name but different smart contract

True, most of the DeFi tokens currently copy the same name with different smart contracts and very easily add them to exchanges like Uniswap using only smart contracts making it difficult for us to determine whether the tokens are genuine or fake.

yazher

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Activity: 2184

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You own the pen

Scammers don't really need to have such things for their ill intentions because they can do any evil acts to execute their plans. No matter how advance we have achieved in the industry of crypto, those scammers still have some plans to fool people or to lure them into their scam projects or fake investment method. Either way, we really need to be careful and equipped ourselves with enough knowledge to counter their evil plans. So that we won't fall to their traps when they sugar coat their words of baits.

You can refer to this topic to learn more knowledge about preventing yourself to get scammed.

COLLECTION OF GUIDES ON IDENTIFY AND AVOID SCAM PROJECTS

bubbalex

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https://t.me/bubbalex

Scammers will be always and everywhere where you can make money, Uniswap, like any other industry, simply brings new tools that anyone can use, including scammers. Of course, any new industry is subject to pressure from scammers and many people will lose money, it has already happened several times in the blockchain industry and will happen again and again. Any financial activity is subject to high risks, including risks because of scammers.

Krislaw

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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.

Bitstar_coin

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Uniswap is dex and as such anyone can create a fake token and list it to deceive poor investors who don't know how to check properly the contract address of the project they want to invest on, am not surprise actually that uniswap is turning gradually into scammers hub, the hype of uniswap is so high this recent times it seems every project want to be listed there, so I guess this are some of the consequences that comes along.

Rowenta

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Not just Uniswap, it's been same story with dex exchanges right from time, it's a place where anyone can list for free and there is no screening available on the tokens to find out if they are real or fake, most especially DeFi tokens, they are mostly copied tokens with same name but different smart contract

kaseygriffin

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Quote from: luckyflop on November 07, 2020, 09:31:43 AM

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?

It is true that it is creating a string of buzz from these projects. But there is nothing more we can do in this space, everything exists with good projects and also crowded projects. This creates bad news in the market, but it is also a lesson for them to join the market from which we will have more experience and avoid such projects.

plr

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Quote from: Twinkledoe on November 07, 2020, 07:41:59 PM

Up until now, scammers are trying to re-create this airdrop thing. This is the reason in time, Uniswap will be full of crap DeFi tokens. I hope they will get rid of those tokens that ended up scam or crap. Since it is DEX, can they really put certain requirement before a project is listed? I don't think so. So it is for the users to be vigilant and do their own homework.

The risk is on the users but not all users are careful on how they deal things on the first time, especially those traders who are very much used to trading on centralized exchanges, the UNISWAP developers must up warnings tutorials and notifications on how to use their platform and how to properly trade, if many users will complain of getting scam UNISWAP will lose it's reputation.

luckyflop

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Quote from: Coin-1 on November 07, 2020, 07:37:29 PM

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?

Quote

Not at all. The team that has listed a token on some centralized exchange can also scam exit at any time, so their true intentions matter.

If the source code of the token smart contract is published, then investors can inspect it and find out what part of the funds is allocated to the developers. The team can pull the rug but the maximal amount of their coins is predefined. In my opinion, people should only invest in projects backed by the team they trust.

Yeah pull rugs could happen to centralized exchanges too, like what happened with Succi swap and binance , But how many more do you know of them that happened with tier 1 exchanges?
a good CEX would always check everything before adding some coin or token because everyone would blame the CEX if such a thing happens and that CEX would lose its reputation and volume if it happens again, Especially exchanges that have their own tokens like BNB , KCS , the price of that coins would fall and that is what CEX pay as consequence but what would the scammer of UNISWAP pay as consequence?!

Twinkledoe

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Quote from: Raflesia on November 07, 2020, 07:38:44 PM

Quote from: Johnyz on November 07, 2020, 06:31:12 PM

Quote from: Winscosinally on November 07, 2020, 09:42:28 AM

Come to think of it, what would have happened if all that's happening around UNISWAP is from a centralized exchange, many would have ridiculed the exchange but this is dex, not every knew what's happening on the exchange, as good as dex exchanges are they are the perfect place for scammers.

This is one of the disadvantage of DEX and we cannot blame UNI for this one and they just need to update the system and don’t allow anyone to easily create their own token without any basis. Scammers will always do their best to scam newbies and those investor who didn’t do any research, be careful always.

It must increase our awareness that scamer in cryptocurrency is always everywhere, therefore what we have to do is to be smart to do research before doing it, don't regret it later because of a little mistake by you.

Look at the first time Uniswap did the UNI airdrop, many scmaers reaped the benefits of beginners because they didn't know that it wasn't actually a UNI token that had to be claimed including now in other DEX exchanges.

Up until now, scammers are trying to re-create this airdrop thing. This is the reason in time, Uniswap will be full of crap DeFi tokens. I hope they will get rid of those tokens that ended up scam or crap. Since it is DEX, can they really put certain requirement before a project is listed? I don't think so. So it is for the users to be vigilant and do their own homework.

Raflesia

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_""""Duelbits""""_

Quote from: Johnyz on November 07, 2020, 06:31:12 PM

Quote from: Winscosinally on November 07, 2020, 09:42:28 AM

Come to think of it, what would have happened if all that's happening around UNISWAP is from a centralized exchange, many would have ridiculed the exchange but this is dex, not every knew what's happening on the exchange, as good as dex exchanges are they are the perfect place for scammers.

This is one of the disadvantage of DEX and we cannot blame UNI for this one and they just need to update the system and don’t allow anyone to easily create their own token without any basis. Scammers will always do their best to scam newbies and those investor who didn’t do any research, be careful always.

It must increase our awareness that scamer in cryptocurrency is always everywhere, therefore what we have to do is to be smart to do research before doing it, don't regret it later because of a little mistake by you.

Look at the first time Uniswap did the UNI airdrop, many scmaers reaped the benefits of beginners because they didn't know that it wasn't actually a UNI token that had to be claimed including now in other DEX exchanges.

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