The founder of decentralized exchange Uniswap has sounded the alarm over a fresh wave of fraudulent advertisements impersonating the platform, after a crypto investor reportedly lost his entire portfolio to a fake search result.

Hayden Adams said scam advertisements posing as Uniswap continue to appear on major search engines despite repeated reporting efforts. His warning followed a viral post from a victim who claimed his wallet, valued in the mid six figure range, was drained after interacting with what appeared to be the official Uniswap website.

The incident comes at a time when crypto related fraud is again on the rise. January recorded the highest amount of funds stolen in nearly a year, highlighting the persistent risks facing digital asset holders.

Fake Search Results Lead to Devastating Loss

According to Adams, scammers are purchasing advertisements tied to keywords such as “Uniswap,” ensuring that fraudulent links appear at the very top of search results. To an unsuspecting user, the website looks legitimate. The layout, branding, and design closely resemble the real platform.

The trap is triggered once a user connects their crypto wallet and signs a transaction. In many cases, the approval grants malicious contracts permission to transfer tokens. Within moments, the victim’s assets can be drained.

One user on X, identified as Ika, shared a lengthy account titled “I lost everything, what’s next?” In the post, he described himself as disciplined and cautious for two years while navigating the crypto space. He said he had been balancing job hunting in web3 with hopes of building financial independence through digital assets.

Source: Ika

Despite his experience, a single interaction with a fake Uniswap link proved catastrophic. He posted a screenshot showing a top search result that appeared authentic but directed him to a fraudulent domain. Soon after connecting his wallet, his funds were gone.

“I believe that getting drained isn’t bad luck,” he wrote. “It’s the final consequence of a long chain of bad decisions.” His post quickly gained attention across the crypto community, sparking fresh debate about user safety and advertising policies.

A Recurring Problem for Uniswap

This is not the first time Uniswap has faced impersonation attempts. In October 2024, scammers created a near identical version of the exchange’s website. The fraudulent site subtly altered key interface elements, replacing the “Get Started” button with “Connect” and swapping “Read the Docs” with a “Bridge” option.

The design differences were minimal but enough to trick users who did not double check the domain name. Fraudsters exploited search engine advertising systems to gain visibility, especially targeting users who typed “Uniswap” directly into search bars.

Adams expressed frustration over how long such ads have been allowed to circulate. In a recent X post, he noted that scam apps imitating Uniswap were available while the legitimate app faced lengthy approval delays on major app stores.

The broader issue reflects an ongoing tension between decentralized platforms and centralized advertising networks. While crypto projects operate without traditional gatekeepers, they still depend on centralized tech giants for search visibility and app distribution.

Crypto Theft Surges in January

The timing of this incident is notable. Blockchain security firm CertiK reported that crypto theft and exploit related losses reached 370.3 million dollars last month. That figure represents the highest monthly total in 11 months and marks a sharp increase compared with January 2025.

CertiK tracked 40 exploit and scam incidents during the month. A significant portion of the total losses stemmed from a single case in which one victim reportedly lost around 284 million dollars due to a social engineering attack.

Social engineering schemes rely on manipulation rather than technical flaws. Attackers trick victims into revealing private keys, signing malicious approvals, or transferring assets willingly under false pretenses. As the Uniswap related case demonstrates, even seasoned users can fall prey to well designed traps.

A Wake Up Call for Users and Platforms

The latest incident underscores how vulnerable crypto users remain, even when interacting with widely known protocols. Unlike traditional banking systems, blockchain transactions are irreversible. Once assets leave a wallet, recovery is extremely difficult unless the attacker is identified and funds are frozen quickly.

Industry leaders have repeatedly urged users to verify website URLs carefully, bookmark official domains, and avoid clicking sponsored links when searching for crypto services. Many experienced traders now access decentralized platforms only through saved bookmarks rather than search engines.

At the same time, critics argue that search engines and app stores must take greater responsibility for screening fraudulent ads. With scammers willing to spend money to secure top placement, the first link on a results page can no longer be assumed safe.

For Adams and the Uniswap community, the situation is both frustrating and urgent. As decentralized finance grows, so does the sophistication of those looking to exploit it. The recent loss serves as a stark reminder that in crypto, vigilance is not optional.