Fake UNI Token Giveaways Are Flooding The Internet

As of recently, fake UNI token giveaways have been flooding the internet, by hosting livestreams on YouTube and impersonating the creator of the token. In our latest altcoin news, we are learning more about it.

Cryptocurrency fake giveaways are emerging still and the latest example involves the popular DEX protocol Uniswap. A few days after the launch of the governance token UNI, now, Fake UNI token giveaways have been flooding the internet and scammers started promoting fake giveaways by impersonating the creator of Uniswap, Hayden Adams.

The popular decentralized token swap platform launched the long-anticipated native token named UNI. The announcement came with the news that the platform will airdrop 15% of the total supply of the coin to users who had used it before September 1^st. this free token rush raised the attention of the community rapidly. However, it now seems that the scammers are keeping a close eye as well. It didn’t take long for them to activate.

Unknown fraudsters started a fake UNI giveaway scam on YouTube which is the most-widely used video-sharing platform. The scammers created a fake Uniswap YouTube channel which as more than 400,000 subscribers and launched a live video with 40,000 live viewers with the creator of the protocol Hayden Adams. The scam offered to double the tokens that are going to be sent to a specific address which means that if the users send 250 UNI to their address, the fraudsters promise to send back the 500 UNI tokens.

It does sound like easy money but looking into it some more reveals a few issues and points out that this is surely a scam. The channel has only two videos that are carrying the same fraudulent live stream but the platform has already taken the first one down. The videos contain the same repeating old interviews with Adams where he says nothing about giving away free tokens. However, victims that fall for the scam and send coins to the given addresses, will not get anything in return.

There have been other fake giveaways as well on the internet which sounds too good to be true. Scammers continue to choose different social media platforms but most are holding on to YouTube. the video-sharing platform has already been criticized and sued for not trying enough to fight the scammers. On the other hand, Youtube bans legit crypto channels and content creators but fails to see the difference with the fake ones.