We constantly remind Arab Bitcoin users of encrypted digital currencies, the need to be careful in dealing with applications and sites that provide digital currency services, as we write daily about incidents related to theft and fraud that aim to steal users’ money.

As scams vary and differ from one operation to another, the most famous of which is the one that impersonates the official authorities and applications.

Recently a cryptocurrency user lost $20,000 worth of cryptocurrency after using a fraudulent app similar to Uniswap.

Losing $20,000 to Uniswap Scam:

Uniswap is a decentralized cryptocurrency exchange (DEX). The Uniswap platform runs on the Ethereum blockchain which enables users to exchange different cryptocurrencies.

Read:Binance announces the official launch of “Bifinity”…Details here

The popularity of Uniswap this year has been clearly visible thanks to the trading volumes it reached on a monthly basis.

Despite losing more than $1 billion in liquidity recently due to the approaching UNI crypto distribution date:

Uniswap loses more than a billion dollars in liquidity … details here

However, Uniswap remains one of the most widely used platforms in the crypto industry.

The crypto industry is known for its many scams, impersonation of common names and thus luring more victims and stealing their money.

Recently, Alex Saunders, one of the well-known names in the cryptocurrency arena, revealed a scam that caused a user (whose identity was not revealed) to lose $20,000.

One of our team members lost $20,000 for a fake Tweet embed Running mobile app @Google Apps Store because it has 100 fake positive reviews so trust me to enter a key fallback statement.

Please retweet this. Please report the application. 🚨💳⚠️ pic.twitter.com/PXjmdsvPP3

– Alex Saunders 🇦🇺👨‍🔬 (@AlexSaundersAU) November 19, 2020

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Where the fraudulent party prepared an application called “UniDEX” that works on the Android system and on the basis that it is the official “Uniswap” application and placed it in the Google Play Store.

This scam app received 100 fake positive reviews, which seemed enough for the user who entered the private key recovery phrase in the fake app, and immediately after that user noticed their cryptocurrency disappeared.

A simple search shows that the official app Unidex It received more than 50,000 downloads and 4,000 reviews, while the fake app got only 100 downloads and 100 reviews.

Not the first scam targeting Uniswap users:

Targeting and scams using fake apps are quite common in the crypto industry, and this is not the first time Uniswap users have been targeted.

The popular platform Uniswap has recently been targeted by a different type of impersonator by luring users into getting rewards and giveaways when they send UNI coins to a fraudulent address.

The scammers created a fake Uniswap YouTube channel and then a live video of Uniswap founder Hayden Adams was uploaded in which he allegedly offered to double all UNI coins sent to his address.

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However, as is often the case with such fraudulent methods, the sent currency will not receive the rewards or the amount sent.

Google has removed the fraudulent application from the Play Store.

But, as usual, the intervention takes place after the victims have suffered physical damage, as there is no clear mechanism and strict control of the applications listed on the Play Store.

Accordingly, we advise the user to learn the basics of using digital currencies, and not to send any digital currencies to any party for the purpose of good verification that dealing with the official entity.

Read also:

$42,000 worth of Ethereum was stolen in a new Uniswap scam

A comprehensive guide to the decentralized trading platform Uniswap and its cryptocurrency UNI