In a recent alarming development, Crypto Twitter community members swiftly recognized a fraudulent scheme. It was allegedly orchestrated by hackers who had compromised Uniswap founder Hayden Adams’ account. They subsequently alerted their peers about the scam set in motion under the guise of Adams’ hacked Twitter account.
Rapid Response To Uniswap Socials Hack
The incident unfolded on July 20, when the “Web3 Security Alerts” channel on Telegram announced that Adams’ Twitter profile was in the control of unknown miscreants. This Uniswap account, which boasts following of over 254,000 users, issued a deceitful tweet claiming that Uniswap’s Permit2 contract had fallen prey to an unidentified exploit. This unauthorized message raised false alarms about user tokens being at risk, coaxing them to click on an embedded harmful link.
Although the initial deceptive tweet was promptly taken down within mere minutes, several similar misleading posts were subsequently uploaded. At the moment of reporting, numerous fraudulent posts were still accessible to Twitter users.
The Web3 Security Alerts confirmed that Adams was barred from accessing his MetaMask and Coinbase Wallet accounts. Moreover, it doesn’t appear any Uniswap users have been affected by this incident.
The Larger Concern: Crypto Scams and Social Media
Unfortunately, this Uniswap incident of malevolent actors capitalizing on social media platforms to trick unsuspecting users out of their crypto assets or fiat money is not unprecedented. However, authorities behind these platforms have been striving to mitigate such instances and their frequency.
Elon Musk announced on July 1 that Twitter would temporarily cap the daily count of posts users can read. This step is part of a broader strategy designed to “detect and eliminate bots and other bad actors”. The initiative underlines the urgent need for robust cybersecurity measures to safeguard users against a rising wave of crypto scams. However, account holders must take proper security precautions, too. They often overlook that crucial aspect.
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