Uniswap founder warns of rising scam ads

Large-scale paid advertising scam

Uniswap founder Hayden Adams has issued a stern warning about fraudulent ads impersonating the leading decentralized exchange (DEX) , highlighting how scammers continue to exploit paid search results despite years of reporting and complaints from the platforms. This warning comes after a high-profile incident in which a user allegedly lost hundreds of thousands of dollars worth of cryptocurrency after clicking on a fake Uniswap link advertised via Google Ads , demonstrating the widespread increase in cryptocurrency-related thefts.

Scammers purchase high-value keywords like " Uniswap " on major search engines (primarily Google), securing top ad placements in organic search results. These ads direct users to near-perfect replicas of Uniswap's official interface.

Once connected, victims are asked to approve malicious transactions—often disguised as normal approvals —allowing the attacker unlimited spending power through the authorization signature or direct withdrawal.

This method has proven to be devastating in 2026:

• The victim lost money immediately without needing to exploit the smart contract.

• No blockchain pause or protocol fix can prevent that—the problem lies at the upstream discovery layer.

• Similar incidents have occurred years ago, including the fake Uniswap apps during the App Store's official review delay.

Adams' frustration reflects the general sentiment in the community: despite repeated reporting to Google and app stores, malicious campaigns quickly reappear, often just hours after being removed.

Over $370 million was stolen in January.

This warning comes amid alarming industry-wide data from CertiK and other tracking tools from January 2026, which saw $370.3 million stolen through vulnerabilities and scams – the highest monthly total lost in 11 months and approximately four times the amount lost in January 2025.

Approximately $284 million originated from a single large-scale social engineering incident , but scams/fake advertising now dominate over traditional smart contract failures. Over 40 major incidents have been recorded , with DeFi platforms like Uniswap remaining prime targets due to their high user traffic and wallet connectivity.

Impact on DeFi users

Losses amounting to hundreds of thousands of dollars highlight the vulnerability of individual users; even experienced traders can fall victim when haste overrides caution, leading to rapid trades during volatile times.

Uniswap Labs does not have direct control over upstream advertising platforms, therefore risk mitigation is limited to educating users, reminding them to bookmark the official site, and integrating with wallet security tools that revoke approvals via Etherscan/PhishFort.

This reinforces the need for better accountability from advertising platforms. There are growing calls for regulators or tech giants to implement stricter verification of cryptocurrency-related keywords.

Slight downward pressure is affecting UNI token sentiment amid altcoin weakness, but highlights the relative safety of BTC as "digital gold" (reinforced by government moves such as the UAE's Citadel mining). Recent hacks, such as the $2 million IoTeX bridge mining exploit, have added to caution regarding altcoin/DeFi investments.

Disclaimer: The information presented in this article is the author's personal opinion in the field of cryptocurrency. This is not financial or investment advice. All investment decisions should be based on careful consideration of your personal portfolio and risk tolerance. The views expressed in this article do not represent the official stance of the platform. We recommend that readers conduct their own research and consult with experts before making any investment decisions.

Compiled and analyzed by HCCVenture

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