Wave of Scam Tokens Sparked on Uniswap Exchange
Main page News, Ethereum, Startups, scam, Crypto Market, Cryptocurrency
Hot topic
7 July
305 305

A wave of scam tokens has sparked on a fully decentralized protocol for automated liquidity provision Uniswap, DeFi Prime has learned.

According to the media outlet, Uniswap currently has at least dozens of scam tokens of popular DeFi (decentralized finance) startups.

At press time, there are at least seven scam tokens, including:

Uniswap also has one legit version of the Balancer (BAL) token and the scam one with the same ticker but with different contract address (starts with 0x6cb8...).

The wave of scam tokens is taking place in a context of the DeFi market boost, market capitalization of which is currently over $7,4 billion.

In June, the total market cap of the DeFi sector skyrocketed by 100% in just 2 months to over $2 billion, according to data provided by analysis resource DeFiMarketCap.

Compound Overtakes Maker as Largest DeFi Project

However, despite its size, the market is still vulnerable to various attacks.

Moreover, Litecoin creator & computer scientist Charlie Lee criticized the whole industry for being a decentralization theater.

The Litecoin creator also said the DeFi industry is flooded with bugs and exploits.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Read also:
Please describe the error