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Title: lose money by swapping a fake coin in uniswap Post by: akirasendo17 on November 05, 2020, 04:40:53 PM Have you experience swap a coin and it fails but you pay fees?
this is some of the issues by newbies, also experience this kind of issue which in the start I ignore this one, but realized I waste my money mostly this is fake coins, from fake airdrops, why I'm telling this, is because we can save a dollar or more by avoiding these mistakes https://i.ibb.co/wBfp59d/error.png (https://imgbb.com/) this will be the error you will encounter but it will be too late because you have already pay the fee's Things to do : 1. avoid this never trade or swap a coin which you don't know if it's legit ask the official group or research, ask friends, or in this forum. The image shows that its a fake coin: https://i.ibb.co/Z1qPYW6/coin.png (https://imgbb.com/) 2. if you don't apply for an airdrop and received something it is a scam, don't trade or swap the coin note: unless you hold a coin that gives an airdrop, but still verify if it's true on their official site This is my experience so far, which is if you look at the transaction you pay, without getting something in return which consider being also a loss, so be very careful when swapping token, don't get excited with the value, I hope I'll be able to help, by sharing my experience Title: Re: lose money by swapping a fake coin in uniswap Post by: jackg on November 05, 2020, 05:11:21 PM Also if you already own the coin can you not check it on etherscan or another block explorer to verify its market cap and legitimacy (you might be able to hunt down some cmc info and stuff from other sites in the process too).
I haven't heard of this being a scam but it must be pretty newish as I've seen they have lists of coins to pick from (Was this one listed on a specific list im not sure of the criteria for getting on the popular ones)... Title: Re: lose money by swapping a fake coin in uniswap Post by: sujonali1819 on November 05, 2020, 05:22:25 PM Uniswap a Decentralised exchanged that means always you have to check the correct contract address which are you going to exchange. Otherwise, you might be scammed by exchanging other tokens due to there are many scammers creating the fake token. Also, I don't think it's a good idea to try to exchange airdrop token to uniswap due to high fees. :)
Title: Re: lose money by swapping a fake coin in uniswap Post by: enhu on November 05, 2020, 05:51:03 PM So many warnings given by the users about fake tokens in uniswap yet there are still victims. Since anyone could just add anything in the dex, anyone with the intention to scam can add tokens like fake USDT. This is why its very neccessary to simply copy paste the right contract address before making transaction. For someone who knew how to do this is gong to be safe. Title: Re: lose money by swapping a fake coin in uniswap Post by: The Cryptovator on November 05, 2020, 06:19:23 PM I am not clear, had you lost only fees or you lost the fund that you were going to exchange? I had not been using decentralized exchange so I am not fully aware of how fees work. But I know there are many scammers around decentralized exchange those are getting advantage of it. Every time you exchange a token should verify the real contact address from reasonable sources. Otherwise, it's normal that you have to regret eventually. We can't prevent such as scam really unless we become smarter
Title: Re: lose money by swapping a fake coin in uniswap Post by: jackg on November 05, 2020, 06:31:36 PM I am not clear, had you lost only fees or you lost the fund that you were going to exchange? I had not been using decentralized exchange so I am not fully aware of how fees work. But I know there are many scammers around decentralized exchange those are getting advantage of it. Every time you exchange a token should verify the real contact address from reasonable sources. Otherwise, it's normal that you have to regret eventually. We can't prevent such as scam really unless we become smarter It's just the gas you lose... Can still be Quitte hefty though. And yeah ultimately this is a priblem with uniswap's coding for one as it should run some sort of soft test or even a forked version of ethereum to check the transaction has potential to confirm at some point. Stuff could also possibly be done client side too though too. Title: Re: lose money by swapping a fake coin in uniswap Post by: Charles-Tim on November 05, 2020, 06:34:14 PM I think people should read this guild below before swapping on Uniswap, there are many scams taking advantage of listing fake coins on the Dex exchanges like Uniswap. Searching for token or its address on etherscan can get you scammed, you need to link etherscan through coingecko or the projects official site.
It is not only about how to trade on Uniswap that matters, there are mistakes that people can make on the exchange. To know more about Uniswap exchange, this will be helpful https://www.google.com/amp/s/boxmining.com/uniswap-review-tutorial/%3famp. Fake coins: Anyone can list their tokens on Uniswap, so there are people out there who list fake coins on Uniswap in the hopes of being able to scam people into sending their funds for these coins. So Uniswap users need to be extra careful in this respect- see our section below on identifying and avoiding fake coins on Uniswap which teaches you how to double-check you are sending funds to the correct transaction. Fake coins on Uniswap: How to identify and avoid them Because any coin can be added to Uniswap, there are lots of scam or fake coins on the Exchange. Cryptocurrency transactions are irreversible, so if you accidentally send your funds to buy these scam coins or tokens you will not be refunded. The logo and ticker of these fake coins can look exactly like the real ones, so you need to be careful. You can verify if the coin or token is real by checking it on Coingecko. To do this, look up the coin or token you want to exchange to on Coingecko, at the bottom of the page find and click on the trading pair for Uniswap (see image on left). You will then automatically be taken back to Uniswap and the token will have been imported (see image on right). https://i.imgur.com/K4QPRh4.jpg Import token on Uniswap Another way to verify that the token is genuine is to check it on Etherscan (see below). Again on Coingecko, find the token and click on the etherscan.io explorer. On the Etherscan window, you will be able to see the contract number for the token. Match this contract number with the number in the address bar in your web browser for Uniswap. https://i.imgur.com/0B9VTOl.jpg Check the token number on Etherscan against the number in your Uniswap browser. Warning: Do NOT search for the token or its address on Etherscan. Always link to Etherscan via Coingecko or the project’s official website. This is because Etherscan itself lets you search for all tokens and transactions on the blockchain, including the fake ones. Wallets that are supported for now Uniswap allows users to connect directly to their Exchange, the following wallets are supported: MetaMask, WalletConnect, Coinbase Wallet, Fortmatic and Portis. I will prefer Mastermask wallet because it is non-custodail wallet type. https://www.google.com/amp/s/boxmining.com/uniswap-review-tutorial/%3famp Title: Re: lose money by swapping a fake coin in uniswap Post by: erikoy on November 05, 2020, 10:54:34 PM Checking the site alone before making the transaction could suffice not to get scam that if you already know the link of the legit site. However, if not then try to research for more and compare the sites link or possibly ask in their site or any communication platform they provided for questions and inquiries. There are many people using uniswap so even searching it using the google search engine may get you the legit result in the first answers of the result.
Title: Re: lose money by swapping a fake coin in uniswap Post by: taufik123 on November 05, 2020, 11:01:01 PM Decentralized exchanges like Uniswap have many contract addresses with various coin names which are almost mine. That's why you have to be careful and check the coins you want to buy whether they are genuine coins or not according to the contract address.
There are several DEFI coins that are indeed successful like YFI and then continue to grow and many of the same coin names have sprung up. Many airdrops came to my email and said they were registered at uniswap. But to get these coins you have to deposit some ETH to get them. Title: Re: lose money by swapping a fake coin in uniswap Post by: akirasendo17 on November 06, 2020, 12:55:44 AM I think people should read this guild below before swapping on Uniswap, there are many scams taking advantage of listing fake coins on the Dex exchanges like Uniswap. Searching for token or its address on etherscan can get you scammed, you need to link etherscan through coingecko or the projects official site. It is not only about how to trade on Uniswap that matters, there are mistakes that people can make on the exchange. To know more about Uniswap exchange, this will be helpful https://www.google.com/amp/s/boxmining.com/uniswap-review-tutorial/%3famp. Fake coins: Anyone can list their tokens on Uniswap, so there are people out there who list fake coins on Uniswap in the hopes of being able to scam people into sending their funds for these coins. So Uniswap users need to be extra careful in this respect- see our section below on identifying and avoiding fake coins on Uniswap which teaches you how to double-check you are sending funds to the correct transaction. Fake coins on Uniswap: How to identify and avoid them Because any coin can be added to Uniswap, there are lots of scam or fake coins on the Exchange. Cryptocurrency transactions are irreversible, so if you accidentally send your funds to buy these scam coins or tokens you will not be refunded. The logo and ticker of these fake coins can look exactly like the real ones, so you need to be careful. You can verify if the coin or token is real by checking it on Coingecko. To do this, look up the coin or token you want to exchange to on Coingecko, at the bottom of the page find and click on the trading pair for Uniswap (see image on left). You will then automatically be taken back to Uniswap and the token will have been imported (see image on right). https://i.imgur.com/K4QPRh4.jpg Import token on Uniswap Another way to verify that the token is genuine is to check it on Etherscan (see below). Again on Coingecko, find the token and click on the etherscan.io explorer. On the Etherscan window, you will be able to see the contract number for the token. Match this contract number with the number in the address bar in your web browser for Uniswap. https://i.imgur.com/0B9VTOl.jpg Check the token number on Etherscan against the number in your Uniswap browser. Warning: Do NOT search for the token or its address on Etherscan. Always link to Etherscan via Coingecko or the project’s official website. This is because Etherscan itself lets you search for all tokens and transactions on the blockchain, including the fake ones. Wallets that are supported for now Uniswap allows users to connect directly to their Exchange, the following wallets are supported: MetaMask, WalletConnect, Coinbase Wallet, Fortmatic and Portis. I will prefer Mastermask wallet because it is non-custodail wallet type. https://www.google.com/amp/s/boxmining.com/uniswap-review-tutorial/%3famp I'm not sure about the contract address but correct me if I'm wrong, but I have read something that they can make it with the same contract address and the coin fails, i don't know how they do it Title: Re: lose money by swapping a fake coin in uniswap Post by: cryptoaddictchie on November 06, 2020, 03:59:08 AM Have you experience swap a coin and it fails but you pay fees? This means either the deployer of the token has been removed or liquidity has been pulled out already. Some codes has been applied to different function and chance that the smart contract got rigged is high. Ive experienced some of these from my degen plays and trades. I knew that the dev is anon team but of course as you define the word "degen means" 100% risky play. I loss some of my money on these shitcoins but also I gained amazing profits on some. But to not waste time, better to study the contract code if there are some unusual codes input prior to investing. this is some of the issues by newbies, also experience this kind of issue which in the start I ignore this one, but realized I waste my money mostly this is fake coins, from fake airdrops, why I'm telling this, is because we can save a dollar or more by avoiding these mistakes. Title: Re: lose money by swapping a fake coin in uniswap Post by: libert19 on November 06, 2020, 04:59:02 AM I don't understand, are you talking about lost gas fees due to swapping tokens or is it about you swap to the scam token?
Title: Re: lose money by swapping a fake coin in uniswap Post by: Akiko on November 06, 2020, 09:45:53 AM I don't understand, are you talking about lost gas fees due to swapping tokens or is it about you swap to the scam token? Both, he gave warning for wasting ethereum for transaction fees and for exchanging fake tokens you will also lost ethereum for fees. I heard one big mistake of person sending 120$ worth of eth in unisswap accidentally use high fees for one transaction These are the things you should avoid a simple mistake but lose a lot of money right away after sending it. This is the article for that news https://cointelegraph.com/news/i-destroyed-my-life-uniswap-trader-spends-9-500-in-fees-on-120-transaction . Title: Re: lose money by swapping a fake coin in uniswap Post by: cheezcarls on November 06, 2020, 10:27:21 AM If I were on your shoes, I would always triple check the smart contract address of the coin to see if it’s really coming from the project or not. Anyone can create a fake coin and list in on Uniswap to deceive traders like us. We should be careful. Always seek advice first if you’re not sure on what you’re trying to do.
Title: Re: lose money by swapping a fake coin in uniswap Post by: SquirrelJulietGarden on November 06, 2020, 02:00:43 PM Swap a fake coin and lose money is bad but worse is with DeFi tokens you will end with losses at the ends. I don't join any DeFi tokens as an investors. Don't join their pools because I don't have a single minor belief on their smart contracts.
If I see good price to entry and enjoy bounces I will join and get cash out minutes or a few hours later. Title: Re: lose money by swapping a fake coin in uniswap Post by: erep on November 06, 2020, 06:54:28 PM Everyone should know that uniswap is a decentralized exchange and any contract address is accepted to be exchanged, including fake contract addresses. It is your obligation to perform analysis on official telegram groups to get Uniswap exchange links with real contract addresses, avoid accessing the uniswap exchange addresses from spam messages or fake team accounts.
Title: Re: lose money by swapping a fake coin in uniswap Post by: boyptc on November 06, 2020, 09:25:07 PM This is why I don't do airdrops these times. Yes, there were amazing projects that have given free money and it's in huge distributions.
But there were newbies that always see it as a gem but they never know that they could waste as much fee as they can by just sending it to the Uniswap or any exchange that airdrop token they've received. And they are excited to trade it and in result, it compromises their awareness by being quick without checking the contract addresses. Title: Re: lose money by swapping a fake coin in uniswap Post by: masulum on November 07, 2020, 12:13:45 PM -snip- And they are excited to trade it and in result, it compromises their awareness by being quick without checking the contract addresses. Well, not just airdropee that can be a victim of this kind case. I also being scammed by fake address because of FOMO, the case is I'm using Dextools to find new liquidity added to UNISWAP. and I see about YFWG. Since I'm not aware about their contracts, so I got scammed. This is makes me learn about to doble check any of new added liquidity from new coins, when it become a hype, there will followed by fake contract address. Lucky for me, because I bought with only 10 dollars, so nothing to lose. Because I got good experience from that.Title: Re: lose money by swapping a fake coin in uniswap Post by: $crypto$ on November 07, 2020, 01:42:30 PM I don't understand, are you talking about lost gas fees due to swapping tokens or is it about you swap to the scam token? Both, he gave warning for wasting ethereum for transaction fees and for exchanging fake tokens you will also lost ethereum for fees. I heard one big mistake of person sending 120$ worth of eth in unisswap accidentally use high fees for one transaction These are the things you should avoid a simple mistake but lose a lot of money right away after sending it. This is the article for that news https://cointelegraph.com/news/i-destroyed-my-life-uniswap-trader-spends-9-500-in-fees-on-120-transaction . Still, I will know when I want to change at Uniswap and this will not be possible if we are careful and see the cost of the gas needed, therefore we all understand this mistake and most importantly there are both mistakes from ourselves or scamer who try to trick us. Title: Re: lose money by swapping a fake coin in uniswap Post by: Krislaw on November 07, 2020, 07:55:50 PM It's a decentralized exchange and contract can be programmed not to be tradable. Reason why one has to be careful about buying coins from presale. Most if these DeFi project are looking for how to outsmart and scam people.
Same as some tokens on WAVES chain. All you have to Title: Re: lose money by swapping a fake coin in uniswap Post by: nakamura12 on November 07, 2020, 08:14:22 PM Well if the token you wanted to swap on uniswap doesn't have a liquidity then the swap won't happen. I tried one of the tokens I have before but said that there is no liquidity. NOT checking if there is a trade happening in that token would also be a good idea to know if it is the right token or not.
Title: Re: lose money by swapping a fake coin in uniswap Post by: boyptc on November 07, 2020, 09:58:58 PM -snip- And they are excited to trade it and in result, it compromises their awareness by being quick without checking the contract addresses. Well, not just airdropee that can be a victim of this kind case. I also being scammed by fake address because of FOMO, the case is I'm using Dextools to find new liquidity added to UNISWAP. and I see about YFWG. Since I'm not aware about their contracts, so I got scammed. This is makes me learn about to doble check any of new added liquidity from new coins, when it become a hype, there will followed by fake contract address. Lucky for me, because I bought with only 10 dollars, so nothing to lose. Because I got good experience from that.That's a good lesson with a fair amount for you to learn that you can share with others to which we should avoid. How we wish that most newbies that are on it are reading this thread and can learn a lot of things to secure themselves. Title: Re: lose money by swapping a fake coin in uniswap Post by: taufik123 on November 07, 2020, 11:46:54 PM Well if the token you wanted to swap on uniswap doesn't have a liquidity then the swap won't happen. I tried one of the tokens I have before but said that there is no liquidity. NOT checking if there is a trade happening in that token would also be a good idea to know if it is the right token or not. there are several ways that are correct and can be applied. but some fake tokens even have high liquidity which aims to trick people into buying their tokens and then revoke their liquidity when they have a lot of profit. Care should be taken because many tokens are fake with the same ticker.The original token and really serious about developing the project will lock its liquidity for several years. Title: Re: lose money by swapping a fake coin in uniswap Post by: libert19 on November 08, 2020, 03:45:49 AM I don't understand, are you talking about lost gas fees due to swapping tokens or is it about you swap to the scam token? Both, he gave warning for wasting ethereum for transaction fees and for exchanging fake tokens you will also lost ethereum for fees. I heard one big mistake of person sending 120$ worth of eth in unisswap accidentally use high fees for one transaction These are the things you should avoid a simple mistake but lose a lot of money right away after sending it. This is the article for that news https://cointelegraph.com/news/i-destroyed-my-life-uniswap-trader-spends-9-500-in-fees-on-120-transaction . Still, I will know when I want to change at Uniswap and this will not be possible if we are careful and see the cost of the gas needed, therefore we all understand this mistake and most importantly there are both mistakes from ourselves or scamer who try to trick us. I'm not sure about desktop wallets/extensions but I have used several mobile wallets (kyberswap/coinomi/trust/) and all of them allow you to use customized fees and also show how much $ in gas you are gonna spend. Title: Re: lose money by swapping a fake coin in uniswap Post by: Shallow on November 08, 2020, 05:46:47 PM Uniswap offers a good advantage which is mostly seen in its decentralized nature, thus making it possible for developers to list their tokens easily. But this also comes with another challenge and that is, scammers also uses that avenue to list their scam tokens. It got worst that they can also list a fake token of an original one thus the reason every project listed on Uniswap will also warn its investors to always use the trading link from their telegram group; this trading link have the correct smart contract of that token. Therefore I would say, before we think of trading any token whatsoever on Uniswap, let us endeavour to visit the telegram group of that project and get the correct Uniswap trading link in this way avoiding scam or fake tokens.
Title: Re: lose money by swapping a fake coin in uniswap Post by: Cadaver20 on November 12, 2020, 03:16:02 PM Problem: "lose money by swapping a fake coin in uniswap"
Solution: I think the simple solution to this problem is when you swap a token in Uniswap, when searching for the name of the token, you will search by typing the contract address of the token instead of the symbol of the token. Then the original token will be showed always. https://i.imgur.com/0YDDnkg.jpg Also there is a very good Guide by zasad@ about how to trade on Uniswap correctly. You can see this guide. (GUIDE) How to trade on uniswap correctly (https://bitcointalk.org/index.php?topic=5270415.0). Title: Re: lose money by swapping a fake coin in uniswap Post by: Bitstar_coin on November 13, 2020, 08:57:11 AM The best way to avoid this is to always endeavor to check the contract address of the said token, uniswap is the dumping ground of all manners of shitcoin lately so it will be in our best interest to always take note and do the right thing before engaging in any swap of token, it is up to users of this platform to apply caution while accessing this platform to avoid such issues.
Title: Re: lose money by swapping a fake coin in uniswap Post by: shoreno on November 13, 2020, 12:33:36 PM i have experienced it before but its not in uniswap , its on etherdelta . i also experienced to recieve a random coin although i was also active in doing airdrops that time but i believed that some of them are not from the project that i have applied with . it can be a trap and i forgot if those tokens are the ones that i traded in etherdelta , it was a long time ago so i cant exactly remember the name of the coin . it shows an error when trading and i tried to re trade several times , the bad part is that i didnt knew also that i have been charge 0.001eth every retry . i forgot what happened next
Title: Re: lose money by swapping a fake coin in uniswap Post by: aemma on January 11, 2021, 11:37:19 AM In my own understanding so far, I think the best way to buy any coin or token on Uniswap is by visiting the telegram account of the project and asking the admin for the smart contract address, you can also check the pinned message in the group or the announcement channel to make sure you are getting the right one. Scammers can also go as far as listing a token before the team, which is also another reason it is good to be active in the telegram group of the project you want to invest in, in order to know when trading will start and the right smart contract address.
Title: Re: lose money by swapping a fake coin in uniswap Post by: Cornia on January 11, 2021, 12:34:02 PM Have you experience swap a coin and it fails but you pay fees? No. Still I have no such experience. Because whenever I trade on Uniswap, I check the contract address of the token very well. Because I know Uniswap has a lot of fake tokens. So far I have not lost any money by trading on Uniswap.Title: Re: lose money by swapping a fake coin in uniswap Post by: aioc on January 11, 2021, 03:12:51 PM In my own understanding so far, I think the best way to buy any coin or token on Uniswap is by visiting the telegram account of the project and asking the admin for the smart contract address, you can also check the pinned message in the group or the announcement channel to make sure you are getting the right one. Scammers can also go as far as listing a token before the team, which is also another reason it is good to be active in the telegram group of the project you want to invest in, in order to know when trading will start and the right smart contract address. This is one of the big risk in a decentralized market and awareness is a big factor to avoid transacting on the wrong coin, not only asking the admin of the smart contract you must also know how to trace the contract address of the coin you are holding and transacting, it's easy to find you can see it in Etherscan once you click your token. |
