Uniswap clone apps can be found on Google Play.
There are very few provisions to alert the tech giant to the deletion.
DeFi scams are on the rise in 2020
Reports are emerging that a fake Uniswap app has been spotted on Google Play and some victims have lost thousands of dollars.
According to Alex Saunders, founder of Nuggets News, a fake Bitcoin Lifestyle platform app is available on the Google Play Store. At the time of this article’s publication, the tech giant had not removed the malicious app.
Saunders added that someone had already lost $ 20,000 to the app which apparently asks for private keys.
One of our members just lost $ 20,000 to a fake @UniswapProtocol mobile app on the @GooglePlay store because it has 100 fake positive reviews so he trusted to enter a private key save phrase.
Please retweet this. Please report the application.
Uniswap Clone Scams
Google Play Store has over a hundred fake reviews that give the malware a 4.5 star rating. It has been downloaded over a hundred times and got downloaded by a fake developer email account called firstname.lastname@example.org.
By trying to flag the questionable app and flag it as inappropriate, Google redirects users to a maze of pages that fail to notify the company of questionable apps on its app store.
Some of the responses to the tweet commented that people are reluctant to invest in crypto because of things like this.
Apparently, this isn’t the only fake Uniswap app. The Russian domain of BeInCrypto reported a similar scam last week.
Google is not alone in spreading scams and malware. Facebook is a hotbed of disinformation and scams, and it has been widely reported that the social media giant was convicted of distributing fraudulent advertising in late 2019.
Hardware wallet maker Ledger has also been a target for fraudsters, as phishing campaigns targeting users escalated following a data breach earlier this year.
Consumers who have purchased Ledger hardware wallets have woken up to nasty emails claiming their crypto assets are at risk of being stolen. Some have even accessed their devices to find them empty and the company offers no support, blaming the end user for these seemingly impossible forays.
Hardware wallets are not foolproof despite what the companies claiming them claim, the risks are real and cryptoassets can be lost.
According to a recent CipherTrace report, crypto-crime has actually declined this year, but decentralized finance-based scams have increased. There were around $ 100 million in losses and thefts related to DeFi protocols in 2020, the report adds.