• Uniswap has been targeted by phishing scams, resulting in a loss of over $1.8 million for nearly 800 users.
• The crypto community’s sentiment towards Uniswap remains largely positive despite the scams.
• User activity and retention on Uniswap have declined, resulting in lower fees and a drop in UNI token prices.
Uniswap Targeted by Phishing Scams
Uniswap [UNI] has been dominating the DEX space for quite some time and has established its authority over the market. However, scammers have been exploiting this popularity to benefit themselves, resulting in nearly 800 users losing assets worth over $1.8 million.
User Retention Struggles
Despite these phishing scams, the overall outlook of the crypto community towards Uniswap was positive as shown by its weighted sentiment score. Unfortunately, user activity and retention on Uniswap have both declined significantly across all chains over the last few months as per Dune Analytics’ data. This decrease in activity affected generated fees as well as UNI token prices which fell materially over the last month according to Token Terminal’s data. Additionally, network growth of the UNI token also decreased indicating fewer new addresses transferring it for the first time while its velocity took a hit as well meaning that it is being exchanged less frequently amongst addresses than before.
Increasing Number of Victims
The scam involves a phishing site that tricks users into approving tokens for an apparently harmless “Uniswap Protocol: Permit2” contract but then requesting a signature to transfer said tokens to their own wallet instead, thus completely draining their funds from them without their permission or knowledge. The number of victims affected by this scam keeps growing with each passing day making it increasingly important to remain vigilant at all times when dealing with any sort of cryptocurrency-related activities online as even trusted platforms such as Uniswap are facing similar issues right now due to malicious actors taking advantage of unsuspecting people’s trust towards them..
Tips For Users
It is always advisable for people participating in any kind of cryptocurrency-related activities online to double-check all sources before proceeding with any transaction or action so as to avoid falling prey to phishing sites or other types of scams that can result in massive losses such as those suffered recently by users who got tricked into giving away their funds through an unauthorized “permit” request on Uniswap’s protocol.
In conclusion, although Uniswap remains an efficient and trustworthy protocol despite having experienced some user retention struggles lately along with experiencing some malicious attacks through phishing schemes resulting in significant asset losses for many users recently; it still remains important for everyone engaging with cryptocurrencies online regularly or casually alike to remain extra vigilant at all times when dealing with anything related cryptos in order not only protect themselves but also others who might be unaware about these kind of attacks from becoming victims too unnecessarily just like how hundreds already did recently on Uniswap itself due lack of proper caution taken by them beforehand unfortunately…