In a recent incident, members of the Crypto Twitter community swiftly identified and alerted others to a scam perpetrated through Uniswap founder Hayden Adams’ compromised account. The “Web3 Security Alerts” channel on Telegram was quick to notify followers about the breach, which occurred on July 20. During the breach, Adams’ Twitter account, with over 254,000 followers, released a false tweet claiming that the platform’s Permit2 contract had fallen victim to an unknown exploit, putting users’ tokens at risk. The tweet included a malicious link, attempting to lure users into a scam.
The scam tweet was taken down shortly after it was posted, but several nearly identical tweets were also published. As of the time of reporting, some of these tweets were still visible to Twitter users. In addition to compromising Adams’ Twitter account, the hackers also blocked his access to his accounts with MetaMask and Coinbase Wallet, further highlighting the severity of the security breach.
Unfortunately, incidents of bad actors using social media to defraud users of their crypto assets or fiat currency are not uncommon. However, social media platforms and crypto industry firms have been implementing measures to reduce the number and frequency of such scams. For instance, Twitter’s executive chair, Elon Musk, recently announced temporary limits on the number of daily posts users can read, aiming to detect and eliminate bots and other malicious actors.
In a bid to rival Twitter, social media firm Meta launched Threads, a microblogging app, on July 6. Despite reaching over 100 million users within days, the platform has already encountered scammers promoting fake nonfungible token (NFT) projects and impersonating Crypto Twitter personalities.
Fighting scams in the rapidly evolving Web3 space
The incident involving Uniswap founder’s compromised account serves as a stark reminder for users to exercise caution and vigilance when engaging with crypto-related content on social media platforms. As the crypto industry continues to grow, scammers will likely employ increasingly sophisticated methods to target users. The community needs to remain vigilant and work together to create a safer environment for everyone involved in the crypto space.
The recent scam involving Uniswap founder Hayden Adams’ compromised Twitter account serves as a cautionary tale for the crypto community. Swift action by vigilant members of Crypto Twitter helped mitigate the impact of the scams. Users are urged to adopt best security practices and stay informed to protect themselves and others from falling victim to similar scams in the future. As the crypto ecosystem evolves, proactive efforts to combat fraudulent activities are essential to maintain trust and security in the industry.