A fraudulent cellular utility claiming to be the Uniswap trade has reportedly stolen cash from an investor, providing an vital reminder of the scams that also pervade the nascent cryptocurrency trade.

Alex Saunders, founder and CEO of the Australia-based Nuggets Information, just lately reported that one among his members misplaced $20,000 to a faux Uniswap cellular utility that was listed on the Google Play Retailer. The app, referred to as “Uniswap DEX,” was printed Nov. 10 by an individual or entity referred to as Uniswap Inc.

The consumer reportedly entered of their personal key backup phrase, considering they had been accessing the Uniswap decentralized trade, when the theft occurred.

At press time, the app had 123 (doubtless faux) constructive opinions on Google Play Retailer and was nonetheless out there for obtain. Greater than 100 individuals have downloaded the app to this point

Uniswap has rapidly emerged as the preferred decentralized trade for merchants trying to entry low-cap altcoins and different property not available on main platforms like Coinbase or Kraken. The platform permits customers to deposit funds from their Ethereum wallets however doesn’t at present supply a cellular app.

There’s at present greater than $1.3 billion in complete worth locked into Uniswap, making it the most important decentralized finance trade.

Ponzi schemes, scams and different frauds have plagued the cryptocurrency marketplace for years. Analysis from Chainanalysis shows that frauds price traders no less than $4.3 billion in 2019, up from $3 billion within the earlier two years mixed.

Crypto scams have turn into so pervasive that California’s lawyer normal has urged the general public to be cautious of shady dealings on this sector. In a press release printed Aug. 7, Xavier Becerra said:

“Just lately, unscrupulous actors have impersonated well-known politicians, celebrities, and enterprise executives on social media and YouTube channels in ‘giveaway’ scams that falsely promised, for instance, to double any digital property despatched to a particular digital asset pockets.”