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The fake application pretends to be the Uniswap's decentralized exchange platform and copies the original web protocol template. However, before swapping cryptocurrencies, the app requests a mnemonic phrase from a user's wallet.
Whether the fake app managed to steal phrases or not, remains unknown. According to Coinfomania, the app has an integrated "Report Issues" page that links to misleading FAQs created several months ago.
In July, a wave of scam tokens sparked on Uniswap. According to DeFi Prime, Uniswap had at least dozens of scam tokens of popular DeFi (decentralized finance) startups.
Nonetheless, the horde of fraudulent tokens did not stop Uniswap from becoming the first DeFi project with more than $2 billion in value locked. At its peak, Uniswap's dominance over other DeFi protocols surpassed 18.5%.
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