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Crypto Media Houses Taken In By Fake $10M Uniswap Airdrop Scam

A fraudulent individual managed to trick multiple cryptocurrency media outlets into publishing articles about a non-existent $10 million Uniswap airdrop purportedly happening on February 15th. This incident coincides with the automated market maker (AMM) blockchain protocol unveiling the schedule for its newest V4 platform.

Crypto News Outlets Promote Fake Uniswap Airdrop

The scammer distributed a press release to several reputable cryptocurrency news outlets, falsely claiming that the Uniswap blockchain was launching a $10 million airdrop social media campaign. This press release, which featured a ‘one-time view’ option, purported to commemorate the launch of Uniswap’s V4 platform.

In a coordinated effort, the cybercriminal seamlessly timed the announcement with the protocol’s update. To add legitimacy to the scheme, the unidentified perpetrator posed as a representative of the Uniswap Foundation, an organization dedicated to fostering the growth of the Uniswap ecosystem.

According to reports, the scammer cited a conversation with the VP of Communication for the Uniswap project regarding the highlighted $10 million, further enhancing the deception.

Upon investigation, it was discovered that the press release contained embedded tracking links. When clicked, these links directed users to a suspicious URL redirecting them to a counterfeit Uniswap website.

DailyCoin, a cryptocurrency media outlet, fell victim to the scam, initially publishing the fraudulent article before removing it upon uncovering the deceitful nature of the press release.

In a separate incident earlier this week, Uniswap founder Hayden Adams reported an impersonation scam targeting his wallet address. Adams revealed that the scammer duplicated his address and appended the .eth tag to create an Ethereum Name Service (ENS) address.

Uniswap V4 Set For Q3, 2024

In a recent post on X (formerly Twitter), the Uniswap Foundation disclosed that the tentative launch window for V4 is set for the third quarter (Q3) of this year. This delay is attributed to the anticipated mainnet release of Ethereum’s Dencun upgrade, expected by March 2024.

The Dencun upgrade encompasses a series of Ethereum Improvement Proposals (EIPs), prominently featuring EIP-4844, known as Proto-Danksharding. This highly anticipated protocol is designed to alleviate transaction fees on Layer 2 blockchain networks operating within the older smart contract framework.

Detailing the roadmap for the V4 launch, the Uniswap Foundation outlined several key steps. Initially, there will be a focus on completing the core code, extensive testing, gas optimizations, security enhancements, and finalizing peripheral features.

Subsequently, the second phase of the launch involves comprehensive audits by multiple blockchain firms, along with community audits to ensure robustness and security.

Furthermore, the V4 will undergo testing on the testnet after making final adjustments. Finally, the platform will be officially launched on the Ethereum mainnet, marking the culmination of the rollout process.

The recent tweet from the Uniswap team did not make any mention of a $10 million airdrop campaign. Contrastingly, the scammer falsely claimed that the airdrop would operate on a ‘first come, first served’ (FCFS) basis, a tactic inconsistent with the typical operations of the AMM protocol.

Historically, previous airdrops conducted by the decentralized trading platform have often rewarded users with a notable trading history on the platform.

While the deception successfully misled several news outlets, no financial losses have been reported thus far. Crypto investors are strongly urged to exercise caution and rely solely on official channels for accurate and up-to-date information.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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