Fake Uniswap $10 Million Airdrop Reported as Fraud by Several Prominent Crypto Media Media
A sophisticated social engineering campaign successfully tricked several prominent cryptocurrency news outlets into promoting a rigged $10 million Uniswap airdrop on February 16th. Scammers posing as representatives of the Uniswap Foundation provided coordinated publicity along with the announcement of the legitimate Uniswap v4.
CryptoSlate It declined the airdrop, citing concerns about potential malicious changes to link tracking after publication. Uniswap v4 The announcement was proven to be real.The resulting airdrop turned out to be a scam.
The scammer meticulously built credibility, mentioning conversations with “Uniswap’s Vice President of Communications” and offering lucrative payment guarantees. This level of coordination suggests an evolution in the tactics used by scammers targeting the cryptocurrency media space.
As conversations about a potential partnership continued, the conman began to further complicate the duplicity. Below is a forged screenshot of an email sent to the following address: CryptoSlate To prove the legitimacy of the campaign.
However, upon reviewing the contents, CryptoSlate We identified the use of tracking links that use redirects instead of the usual UTM parameters. This means that links may change to point directly to any website at any time and that publications may need to change their content.
Confronted with the scammer, further communication was halted. The company involved in the scam is registered in the UK, one of the top three countries for cryptocurrency crime in 2023.
Uniswap airdrop scam claims
The article in question, which was successfully published on numerous cryptocurrency media sites, falsely claimed the launch of Uniswap V4 and the $10 million UNI airdrop. It contained a real link to the Uniswap website, which was changed to point to a phishing site after Uniswap made the real announcement.
In particular, to celebrate the launch of V4, we announced a generous UNI airdrop of $10 million. It was described as a “first come, first served” initiative to reward the community and attract new users. This move was presented as a strategy to democratize financial participation and drive user engagement. This contrasts with legitimate airdrops, which are conducted based on previous wallet activity rather than on a first-come, first-served basis.
In contrast, real news highlights the Uniswap Foundation’s announcement of a tentative release date for Uniswap V4 following the Ethereum Dencun upgrade. The actual presentation focuses on the development phase, including core code completion, testing, gas optimization, and security enhancements. It cites community appreciation contests and testnet deployments as preparatory steps for the final launch of the Ethereum mainnet, tentatively scheduled for the third quarter of 2024.
Although no financial losses were reported for readers at the time of publication, the incident shattered trust. For reputable media outlets, maintaining credibility is paramount. In the aftermath, cryptocurrency media and industry observers will take a closer look at the measures needed to protect against increasingly sophisticated social engineering scams.
This incident highlights the risks inherent in the fast-paced cryptocurrency news cycle. Publishers face increasing pressure to deliver impactful stories quickly, but must thoroughly vet potential sources. When fraudsters use self-destructing messages, they add a layer of security and hinder post-incident investigation.
This serves as a stark reminder of the due diligence required for cryptocurrency reporting. In this case, the fraudulent airdrop scheme closely resembled a legitimate major product announcement, increasing its validity. Journalists are advised to maintain a healthy skepticism and employ rigorous verification techniques even when faced with seemingly urgent and attractive opportunities.