Fake Tokens Continue to List on Uniswap

Scammers continue to target the popular DeFi platform Uniswap and list fake tokens for sale with names that suggest the famous DeFi app.

19 August 2020 | AtoZ Markets – Uniswap is flooded with fake tokens. Scammers are taking advantage of industry newcomers who haven't been well researched. Since the V2 overhaul in May, Uniswap has emerged as a cornerstone of the emerging DeFi ecosystem. Uniswap establishes the top pool for DeFi, with a total of 92,000 users. In recent weeks, Uniswap also recorded a high trading volume of illiquid Ethereum tokens.

Fake Teller and Near Token Target Uniswap Traders

At Uniswap, two fake tokens under the name of Teller and NEAR were listed and traded. It claimed that these tokens were related to legitimate projects, but they were just another scam because the project itself didn't have a native token.

On August 19, Teller Finance tweeted that scammers created a fake Teller token and Uniswap pool. "Teller Labs has not made any official announcements on any potential, planned, or upcoming token launches". Last week, NEAR Protocol, tweeted, "The only place for official word of NEAR tokens is near.org/tokens. The NEAR Foundation does not officially sanction any NEAR currently for sale at locations not mentioned here, and participating puts you at severe risk."

Unlike a centralized platform, Uniswap does not have any listing rules and standards, allowing anyone to list ERC-20 tokens on the exchange just by making GitHub request.

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Ethereum founder Vitalik Buterin advocated building a "decentralized reputation system" to mitigate the risk of scam tokens. He also added, "Filtering and quality control functions are essential. Even though centralized actors having a chokehold on those functions is very dangerous. We need more work on decentralized reputation systems to try to get the best of both worlds."

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