Aussie Nuggets News CEO Says Member Lost $20,000 in Fake Uniswap App

Saturday 21 November 2020, 1:00 PM AEST - 4 days ago

Transparency and Trust, among other things, are very important qualities that can accelerate the adoption and development of the digital currency industry. However, scammers are making this almost difficult to achieve with fraudulent crypto investments, projects, and applications. Many fake mobile applications were recently spotted on Google Play Store and were taken down after being reported.

Several crypto companies and experts have also been working to make the nascent industry safer for investors. Yet, scammers are still persisting with their malicious attacks. Earlier on Friday, unfortunately, a member of the Australian Nuggets News community reportedly lost thousands of dollars to a fake Uniswap mobile application hosted on the Google play store.

Users are Losing Thousands in Fake Uniswap App

The founder of the Aussie media platform, Alex Saunders, confirmed the development in a tweet. Going by his disclosure, the scammers used key phrases to victims’ crypto wallets to unauthorizedly move their cryptocurrencies to their wallets. For instance, the Nuggets News member entered his private key backup phrase to the alleged fake Uniswap application, after which he lost about AU$20,000 in cryptocurrency. 

Don’t Share Key Phrases Anyhow

Dubbed Uniswap DEX, the application was presented on the Google Play store as the Android app for the leading decentralized exchange (DEX), Uniswap. It’s still available in the store, with a 4.4-star rating. It has over one hundred positive reviews, all of which Saunders alleged was fake. Backing this up, the latest reviews are coming up with negative stories for the application. These comments claimed that the app was, in fact, a scam.

“Fraud/Scam alert! This app steals your money! Turkish fraudsters run this app!” one of the comments reads.

Key phrases are personal and should be kept confidential. One best safest measure to avoid being scammed is never to share key phrases to wallets on any online platform. Also, it is advisable for industry participants to conduct due research before parting their funds with any project, especially newly formed ones. 

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