Emerging reports reveal that a fake Uniswap app is scamming people on Google Play Store, and some users have allegedly lost thousands of dollars to the app. At the time of the press release, few attempts to alert the tech giant to remove the malicious application proved abortive.
According to the founder of Nuggets News, Alex Saunders, someone had already lost $20,000 to the app, which asks users for private keys.
Similar Uniswap scams
The app has over a hundred fake reviews on Google Play Store, giving the malicious application a 4.5-star rating. It has also been downloaded over a hundred times and was uploaded by a false developer email account – email@example.com.
Whenever users try to report the application and tag it as inappropriate, Google redirects them to a rabbit warren of pages. This, in turn, frustrates the efforts of people who want to alert Google to take down the app.
Some of the replies to the tweet above implied that the increase in DeFi scams is one of the reasons people are weary of investing in cryptocurrency. Seemingly, this is not the only fake Uniswap app, as BeInCrypto’s Russian domain reported a similar scam last week.
Medium of Attack
It is, however, sad to know that Google is not the only one that circulates scams and malicious software. Facebook is currently a home for fraudulent activities, and reports reveal that the social media giant was found guilty of running fraudulent advertising in 2019.
A well-known hardware wallet maker, Ledger, has also been a platform for scammers as phishing rallies targeted at users have increased following a data breach earlier this year. Consumers who use Ledger hardware wallets have been receiving emails claiming that their crypto assets are on the verge of being stolen. Some have even checked their devices to find them empty with no support from the company.
Hardware wallets are very risky, and real crypto-assets can be lost, regardless of how authentic the developers claim they are. CipherTrace also reported that there is an increase in losses and thefts related to DeFi protocols this year.