lose money by swapping a fake coin in uniswap

[akirasendo17]

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



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:



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

[jackg]

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)...

[sujonali1819]

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. 

[enhu]

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.

[The Cryptovator]

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 

[jackg]

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.

[Charles-Tim]

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).


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.


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

[erikoy]

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.

[taufik123]

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.

[akirasendo17]

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).


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.


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

[cryptoaddictchie]

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.

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.

[libert19]

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?

[Akiko]

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 .

[cheezcarls]

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.

[SquirrelJulietGarden]

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.

[erep]

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.

[boyptc]

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.

[masulum]

-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.

[$crypto$]

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 .

Can the fee be adjusted or is it automatic when I want to change it? I see that there are some scammers who take advantage of exchanges like this Uniswap on the pretext of warnings and tokens cannot be exchanged while the gas is gone and I want this to have happened to some people who experience it.

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.

[Krislaw]

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