Uniswap scam concerns spike as founder Hayden Adams denounces fake search ads after investor wipeout

A recent case of a mid-six-figure crypto loss has reignited debate around the uniswap scam problem, with Uniswap’s founder calling out search platforms over fake ads.

Hayden Adams warns of rising fake Uniswap ads

Hayden Adams, founder of decentralized exchange Uniswap, has warned users about fraudulent ads that impersonate the platform after a victim reportedly lost a “mid-six-figure” portfolio to a fake top search result posing as the real site.

According to Adams, these fake Uniswap ads are repeatedly appearing on major search engines, despite years of community reporting. Moreover, he stressed that the problem has persisted across both web and mobile environments.

“Scam ads keep returning despite years of reporting,” Adams said in an X post on Friday. “There were scam Uniswap apps while we waited months for App Store approval,” he added, pointing to the broader issue of app store scam apps targeting crypto users.

How search engine ads fuel crypto phishing

Scammers are increasingly buying crypto search engine ads and targeting branded keywords like “Uniswap,” so that when users search for the exchange, the top result appears official at first glance.

However, once unsuspecting users click the crypto phishing top result, they are led to a cloned interface. They may then connect their wallets and approve malicious transactions, which lets attackers drain their entire funds in a single move.

This type of wallet connection scam has become a common vector in decentralized finance, as many users are accustomed to approving transactions quickly. That said, Adams’s warning underscores how even experienced investors can be caught out.

A mid-six-figure loss and a chain of bad decisions

An X user known as “Ika” shared a detailed account titled “I lost everything, what’s next?” describing how his crypto wallet, valued in the mid six figure loss range, was completely drained despite what he described as extreme operational care.

“Disciplined for two years. Half-searching for a web3 job, half-hoping to make it fast enough not to need one,” he wrote, capturing the psychological pressure many crypto investors feel. Moreover, his comments resonated widely across the social platform.

Ika argued that being drained was not simply bad luck. “I believe that getting drained isn’t bad luck. It’s the final consequence of a long chain of bad decisions,” he said, framing the event as a culmination of incremental risk-taking and trust.

The long X post followed shortly after Ika shared a screenshot of a top Google search result showing an inauthentic Uniswap link. This highlighted how a single misplaced click at the very top of a search page can lead to catastrophic losses.

Ongoing history of Uniswap impersonation attacks

It is not the first time Uniswap has faced this type of threat. In October 2024, scammers noticed the platform’s relatively weak domain authority and spun up a website that visually matched the genuine interface almost perfectly.

However, the fake site contained subtle UI changes. It displayed a “connect” button where “get started” should have been and a “bridge” button instead of “read the docs”. These tweaks were likely designed to nudge users rapidly toward wallet interactions.

This earlier uniswap scam showed how minor cosmetic alterations can mask a malicious flow. That said, the recent incident shows that attackers are now coupling these cloned front-ends with paid placement in search results for additional reach.

January sees surge in crypto theft from scams and exploits

More broadly, the value of cryptocurrency stolen through exploits and scams hit $370.3 million last month, the highest monthly total in 11 months and nearly a fourfold increase from January 2025, according to on-chain monitoring data.

Crypto security firm CertiK reported that there were 40 exploit and scam incidents over January. However, the bulk of losses came from a single social engineering crypto scam that cost one victim around $284 million.

These figures underline how human-focused attack vectors, such as impersonation sites and misleading ads, remain highly profitable. Moreover, they suggest that improved user education and stricter ad verification standards are becoming increasingly urgent for the sector.

Outlook for user protection and platform responsibility

Adams’s criticism of search and app platforms adds to a growing debate over how far centralized intermediaries should go to police financial fraud. However, search engines and app stores have historically struggled to reliably filter sophisticated crypto scams without overblocking legitimate services.

For users, the latest Uniswap impersonation wave reinforces basic defensive measures: always verify URLs, avoid clicking sponsored results when interacting with DeFi protocols, and consider bookmarking official sites. That said, as attackers refine their tactics, industry-wide coordination on ad policies and domain security will be key.

In summary, the latest case of a drained mid-six-figure wallet, combined with January’s $370.3 million in stolen assets, shows how fake ads and impersonation schemes continue to drive crypto crime despite repeated warnings from leaders like Hayden Adams.