Hayden Adams, founder of decentralized exchange Uniswap, issued a remarkable warning about fake ads targeting crypto users. Adams said that fraud campaigns, especially those spread on search engines, are becoming more professional and investors can suffer serious losses. In his post on social media platform
While fraud cases in the crypto market are on the rise again, January witnessed the highest loss amount in the last 11 months. This situation caused alarm bells to ring for both individual investors and the reliability of the sector.
Huge Losses Coming from Fake Search Results
According to Adams, scammers redirect users to fake sites, especially by advertising on popular keywords such as “Uniswap.” When users connect their wallets, mistaking the link that appears at the top of the search results for the official site, they unknowingly hand over their funds to fraudsters. This method is seen as a new generation version of social engineering attacks.
One user described the loss he experienced in dramatic words. The investor, known as “Ika” in the crypto community, said his wallet worth six figures was emptied. Stating that he had been careful for two years, the user stated that what happened was not a result of bad luck but a chain reaction of wrong decisions. In the screenshot he shared, there was a fake Google result that appeared at the top.
Dangerous Climb in Crypto Scams
According to data from crypto security company CertiK, the total amount of crypto stolen through fraud and attacks last month alone exceeded $370 million. This figure represents an approximately fourfold increase compared to a year ago. Moreover, it is stated that most of the total loss was due to a single case of social engineering.
On the other hand, efforts to increase security measures in the sector have also accelerated. The announcement of new security updates by hardware wallet manufacturers and the tightening of advertising policies of some exchanges are among the steps to reduce risks. However, experts emphasize that user awareness is still the most critical line of defense.
The recent acceleration of digital asset regulations in the USA and expectations that advertising controls may tighten give hope that fraud cases may decrease in the future. Still, according to experts, the speed at which fraudsters change tactics continues to outpace regulations.
