Hayden Adams, founder of the decentralized exchange Uniswap, has issued a fresh warning to users about fraudulent advertisements impersonating the platform, after reports emerged of a victim losing an entire cryptocurrency portfolio. In a post on X, Adams said, “Scam ads keep returning despite years of reporting,” adding that “There were scam Uniswap apps while we waited months for App Store approval,” underscoring persistent challenges in combating online impersonation. According to Adams, scammers are purchasing advertisements tied to keywords such as “Uniswap,” ensuring fake links appear prominently when users search for the decentralized exchange on popular search engines. These deceptive links are designed to resemble official pages, encouraging unsuspecting users to connect their wallets and approve transactions, which ultimately enables attackers to drain digital assets completely. A Costly Lesson Shared Publicly The renewed warning follows a widely shared account from an X user known as “Ika,” who detailed how a crypto wallet valued in the mid-six-figure range was emptied despite what he described as disciplined security practices. In a post titled “I lost everything, what’s next?” Ika reflected, “Disciplined for two years. Half-searching for a web3 job, half-hoping to make it fast enough not to need one,” describing the emotional and financial blow. “I believe that getting drained isn’t bad luck. It’s the final consequence of a long chain of bad decisions,” Ika added, suggesting that incremental security oversights can culminate in devastating losses. Shortly before publishing his lengthy account, Ika shared a screenshot appearing to show a top Google search result linking to an inauthentic Uniswap website, highlighting how convincingly fraudulent sites can mimic legitimate services. Wider Trend Of Rising Crypto Losses The incident comes during a period of elevated crypto-related theft, with January recording the highest amount stolen in scams and exploits in 11 months. Security firm CertiK reported that cryptocurrency losses reached $370.3 million last month, representing a nearly fourfold increase compared with January 2025, and marking a sharp escalation in illicit activity. Of the 40 reported exploit and scam incidents during the month, the majority of the total value lost stemmed from a single victim who reportedly forfeited around $284 million in a social engineering attack. The combination of convincing phishing campaigns, paid search manipulation, and user complacency continues to create vulnerabilities within the decentralized finance ecosystem, even as platforms and community leaders repeatedly flag the dangers. Adams’ latest comments reflect mounting frustration among crypto founders who must simultaneously innovate and defend their brands against increasingly sophisticated fraud operations exploiting user trust and search engine visibility.
