Uniswap Phishing Scams: 800 Users Lose $1.8M

• Uniswap is facing a phishing scam that has resulted in over 800 victims and asset losses exceeding $1.8 million.
• There has been a decline in user activity on the network and user retention is also decreasing.
• The UNI token price has fallen significantly, while the network growth of the token has also seen a decrease.

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, some scammers have been using Uniswap’s brand for their personal gains as they exploit nearly 800 users and assets worth over $1.8 million were lost.

Something Phishy

The scam involves a phishing site that tricks users into approving tokens for the “Uniswap Protocol: Permit2” contract, which appears harmless. However, the next step involves a signature request to transfer tokens to the scammer, resulting in a complete loss of approved assets by the victims The number of victims affected by this scam has been reportedly going up.

Decline in User Activity

According to token terminal’s data, the daily active users declined by 12.5% over the last month. This affected fees generated on the network as well due to lower activity levels on Uniswap’s platform. Furthermore, Dune Analytics‘ data suggested that user retention on Uniswap protocol fell significantly across all chains over last few months because people are not staying with it as much as before when it was gaining popularity rapidly among crypto traders & investors .

UNI Token Price Drop

Coming to UNI token prices fell materially over last month as network growth of token also saw decrease which indicated number of new addresses transferring UNI for first time reduced substantially along with UNI token velocity taking hit which implied frequency with which UNI exchanged amongst addresses plummeted drastically .


Despite these phishing scams overall outlook of crypto community towards Uniswap was positive but if scams continue sentiment around Uniswap could be affected negatively .

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