The followers of Uniswap Twitter hurried in recognizing and cautioning the community regarding a serious situation originating from the platform’s founder named Hayden Adams. Nonetheless, it was then discovered that the account of the Uniswap founder was compromised. Following that incident, the malicious actors responsible for compromising the account remained effective in carrying out a deceitful scheme.

Twitter Account of Uniswap’s Hayden Adams Gets Compromised to Spread a Scam Link

The respective scam was organized via a fabricated message. In that message, it was falsely claimed that the company had been exploited. In addition to this, unsuspecting Twitter consumers were tempted into opening an unsafe link. As wrongly mentioned in the message the respective link was for the users to reverse their transfers and keep their crypto assets from being exploited by some supposed bad actors.

Upon noticing this, Uniswap responded rapidly and took the initiative to warn the consumers against dealing with any links associated with the scam. In this respect, on the 21st of July, Uniswap shared on Twitter that the company had not issued any promos. In addition to this, the platform guaranteed the community zero losses on the part of the Uniswap Protocol.

The company moved on to say that it remained effective in outsmarting any attempts made by malicious people to exploit or hack the platform. Moreover, the platform added that it will inform the consumers when the matter resolves. Soon following the alert made by Uniswap, Adam announced on Twitter that the person effectively regained the compromised account’s control.

Furthermore, Adam appreciated all the people who played a significant role in resolving the respective matter. He additionally thanked them for their endeavors in releasing warnings and takedowns. Following that, he promised the provision of additional updates regarding the issue at the appropriate time.

Although a few details were provided, a few people speculated that the respective incident could comprise a SIM swap exploit. In such a hack, attackers obtain unauthorized access to the phone of a victim while assuming the identity thereof. They performed the respective activity by getting the personal information of the victims.

Twitter CEO Announces Taking Measures to Enhance User Security

As a result of this, the attackers can likely enter the personal accounts of their victims. Unluckily, the matter of scammers aiming at social media users to tempt them into losing their fiat or crypto assets has been in practice for quite a time now. Recently, Elon Musk (the chief executive officer of the social media giant Twitter) declared on the 1st of July that the company was taking provisional actions to deal with the respective issue.

The approach taken by Twitter includes restricting the number of regular posts that can be read by customers. The respective move is focused on better detecting the bots and eliminating them. Along with that, it also attempts to stop the rest of the bad actors that play a crucial role in spreading scams.

By doing this, Twitter expects to develop an additionally secure environment for users and minimize the hazard of deceptive scams. At the moment, the scams in the crypto industry are considered a big challenge. In such a situation, it is persuasive to witness such steps being taken by the top social media companies such as Twitter to shield their consumers and promote a securer digital ecosystem.