Fake crypto gift scams continue to crop up frequently, with the latest example involving the popular DEX Uniswap protocol. Just a day after the UNI token airdrop, scammers began promoting fake UNI gifts posing as Uniswap creator Hayden Adams.
Fake UNI tokens giveaways on YouTube
As reported yesterday Crypto report, the popular decentralized token exchange platform launched its long-awaited native token called UNI. The announcement was accompanied by news that Uniswap will release 15% of UNI's total supply to users who have used it before September 1. Naturally, this avalanche of free tokens caught the attention of the community fairly quickly.
However, it appears that the scammers were also very vigilant. It didn't take long, and just one day after UNI's launch, unknown scammers started a fake UNI giveaway on the most widely used video-sharing platform – YouTube.
In this case, the scammers created a fake Uniswap YouTube channel that reportedly has more than 400,000 subscribers. They also released a live video showing 40,000 viewers live with the protocol's creator, Hayden Adams.
Finally, the classic scam is completed by offering to duplicate all UNI tokens sent to a specific address. That is, if users send 250 UNIs to your address, the scammers promise to return 500 UNI tokens.
Although it seems like easy money, a deeper look reveals several problems and points out that it is a classic scam. The YouTube channel has only two videos, both with the same fraudulent live stream, but the Google-owned platform has removed the first.
Also, the videos contain the same old repeated interview with Adams, where he says nothing about giving free UNI tokens. Last but not least, victims who fall for this scam and send coins to the addresses provided will not receive anything in return.
Growing problem, but where is the solution?
Similar fake gifts are a growing threat to the crypto field, its image, and most importantly, users. Although they sound too good to be true, scammers continue to make them on various social media platforms, but mostly YouTube.
This is where the main problem lies. The Google-owned platform has previously been criticized and even sued for not doing enough to combat scams. However, YouTube frequently warns and bans legitimate cryptocurrency content creators as their logarithm doesn't notice the differences.
Another social media giant, Twitter, also went through something similar recently. The attackers gained control of 130 accounts of famous people and companies and started a fake Bitcoin giveaway. Although Twitter remained in front of users and updated its security protocols, the platform was exploited once again a month later.
In any case, while social media platforms struggle to find the most suitable solution, users must be more cautious and vigilant. A general rule of thumb suggests that if something sounds too good to be true, it usually is. Also, there is no free lunch.