Aug 2020 - Uniswap Counterfeit SRM - $Unknown (Global)
"On August 7, Uniswap had counterfeit SRM currency, and users were deceived. Serum issued a tweet to remind users to be vigilant. SRMs appearing on trading platforms (such as Uniswap, etc.) other than FTX and BitMax platforms are all counterfeit."
"There is NO SRM trading anywhere right now! If you see "SRM" on Uniswap etc., it's fake."
"There will be NO SRM trading anywhere except the IEOs on FTX and BitMax until Tuesday the 11th."
Further Analysis
One of the challenges with open-ended protocols like Uniswap is that scammers could impersonate existing tokens, getting money for smoke.
In the case of the Serum project, they hadn't even launched yet, and investors got duped into purchasing something which wasn't actual Serum.
How Could This Have Been Prevented?
Validating the legitimacy of assets on platforms is relatively easy for an experienced validator, and therefore incidents like this could be entirely prevented.
More Cryptocurrency Exchange Hacks/Scams/Frauds
Uniswap Fake NEAR Token > > < < Bitfinex/Ethereum Classic Second 51% Attack
Sources/Further Reading
Chengdu Lianan: In August, there were 5 security incidents in the DeFi field, and a total of 39 incidents in the blockchain field • Blockcast.cc- News on Blockchain, DLT, Cryptocurrency (Jun 13)
@ProjectSerum Twitter (Jul 11)
Uniswap’s Daily Volume Nudges $25M Despite Scam Token Concerns | CryptoPost (Jul 11)
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