What is UniSwap in the article? We thoroughly investigated this exchange. After reading this article, a question may arise in your mind, is UniSwap reliable? In this article, we are going to introduce you to Sony Swap fraud and how to deal with it. Over time, in recent years DeFi (decentralized finance) has been able to achieve many successes in the field of digital currencies. Currently, DeFi tokens have more than 60 billion dollars in market and more than 40 billion dollars of tokens locked in liquidity pools. UniSwap is a decentralized exchange that is considered as the best platform for active users of DeFi.

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Today, this decentralized exchange has become one of the most popular active platforms for DeFi users, which operates by exchanging ERC-20 Ethereum tokens through liquidity pools. The decentralization of e-exchange means that tokens and cryptocurrencies are traded without intermediaries. Now to answer the question, is UniSwap reliable or not? We can say that UniSwap is a reliable exchange and there is no doubt about it, but as this decentralized exchange has become the most popular platform in the field of DeFi tokens, fraudsters have shown interest in UniSwap and spread their net in this exchange.

With the passage of time and the increasing interest of users and traders in the field of decentralized finance, fraudsters have also become interested in this field. As a DiFi Token user, you may be afraid of losing your assets in current exchanges because fraudsters are looking for abuse by taking advantage of your excitement in this area.

Is UniSwap reliable? + Some common UniSwap scams

token forgery

Free and unlimited listing of tokens is one of the important advantages of decentralized exchanges like UniSwap. This is a cost-effective feature for creating and launching new projects compared to centralized platforms, which are unfortunately exploited by fraudsters as a weakness. These people usually find a specific token that is being listed and create a simulated process before the token is listed.

With this method, fraudsters take advantage of new commercial brands that are presenting their real offering and encourage the target brand’s customers to buy their fake tokens. As a result, the income obtained from the tokens is stolen and users do not have access to any authority after receiving fake tokens and cryptocurrencies.

Frauds that are the result of leaving the project

Fraudsters will deceive investors by creating a trustworthy atmosphere, fake tokens and false promises about high returns and the success of the project in question. This happens when the investor withdraws from a project and receives its financing. This action may not happen in the initial startups or even after a long time has passed.

Uniswap pools

Another common method of fraud in decentralized exchanges such as UniSwap is liquidity drain or RugPulls. When Ethereum is delisted after buying heavily hyped tokens. Fraudsters, by suddenly clearing the acquired Ethereum, get permission to sell tokens in order to recover funds from users.

Social engineering solutions

As people’s interest in coin pools and tokens increases, scammers trick users into giving up their funds. As we mentioned in the previous articles, some tokens or Bitcoins such as Dogecoin and Akita became famous with the support of famous people, and this is a bonus for fraudsters. Fraudsters lead users to believe that celebrities are investing in seemingly legitimate and worthless tokens.

Now suppose that the address of these famous people can be identified; In this case, fraudsters can deceive you by creating an exchange from their wallet address to the address of that famous person as if this famous person is trading and investing in the desired token. This action is published in the form of blockchain notifications on the social network.

Phishing attacks

Phishing attacks are one of the most common methods of hacking and social engineering by fraudsters. In the phishing method, fraudsters easily gain access to your property by falsifying UniSwap’s website and posting its link all over the Internet. For example, a hacker fakes the home page of UniSwap and gives you its link as the home page of UniSwap exchange. After entering the fake page, by entering information and investing in the seemingly legitimate site, your entire capital is in your hands. That person is called a fraud. Therefore, to use the UniSwap exchange, make sure that the address of this exchange is correct.

Identifying fraudsters and how to prevent theft

Until this part of the article, did you find out whether the UniSwap exchange is reliable or not? Now, if you intend to invest in a new and emerging project, it is better to consider the following things first.

Research and review of the project

As you know, many cryptocurrencies and tokens such as Bitcoin, Ethereum, etc. have proven their identity and there is no need to research and gain trust from them. But scammers in other topics like monetization, metaverse, and airdrops are also looking for an opportunity to steal your assets. Therefore, caution is a condition of wisdom, and checking emerging projects or ways to earn money is a must.

Checking audit codes and smart contracts

Projects that have enough roots and originality put their smart contracts and audit codes in the hands of experts to prevent user losses and remove all project bugs. Examining this topic helps a lot to gain trust from users. Of course, keep in mind that due to the high cost of auditing and auditing, not having an audit code does not mean that a project is not original. Therefore, be careful to invest in such projects.

Use trusted and reliable sources

To answer the question, is UniSwap reliable or not? Instead of researching the desired token or cryptocurrency on the UniSwap exchange, you can get confirmation by using cryptocurrency tracking websites such as CoinMarketCap or CoinGecko. Using CoinMarketCap, you can search for the cryptocurrency you want and check its activity completely. On this website, after choosing the desired cryptocurrency and checking it, you can click on UniSwap Decentralized Exchange, then it will take you to the main page of UniSwap and help you identify fake cryptocurrencies related to your desired cryptocurrency and avoid them. .

Checking social networks

Undoubtedly, one of the easiest ways to find out whether the UniSwap exchange is reliable or not is to check the social network account of the project in question. Real and original projects are definitely active in social networks and inform users about their goals and future. So a project that avoids this is very suspicious and can be a serious warning to you.

last word

Undoubtedly, UniSwap is one of the best decentralized exchanges in the digital currency market. The validity and authenticity of this exchange has been proven, but is UniSwap reliable? Now you can easily answer this question. In fact, you know that the UniSwap exchange itself is reliable, these are fraudsters who cause doubts in the investment of users.

As fraud may happen in any matter, in UniSwap there are many fraudsters trying to steal your capital. Therefore, before investing in new cryptocurrencies, be sure to use the mentioned methods to get enough confidence.