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Hayden Adams

Uniswap Founder’s Security Scare: Twitter Account Restored After Hack

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Uniswap founder Hayden Adams had a major security scare after hackers took over his Twitter account to promote scams. On July 20, the “Web3 Security Alerts” channel on Telegram notified users of the incident when a tweet came out of the compromised account claiming that the platform’s Permit2 contract had been “affected by an unknown exploit” and users’ tokens were at risk, encouraging them to click on a malicious link.

Although the initial fake tweet was deleted after a brief period of time, several virtually identical tweets quickly spread to Adams’ more than 254,000 followers. Later, users of Twitter could still access many of them. According to the Telegram channel, the creator of Uniswap was also denied access to his Coinbase Wallet and MetaMask accounts.

The official Twitter account of the DEX swiftly reacted and released a public statement that said,” Please do not click on any links. There is no giveaway, airdrop, or bounty. The Protocol has not been hacked or exploited. We will let you know when the issue is resolved.”

Adam’s Twitter account was reinstated as of the time this story was being written. While an official update on the issue is anticipated, it should be noted that Uniswap’s fundamental protocol or its features are unaffected. Users were advised not to follow any links from Hayden’s account during the hacking time, and the team promised to keep them informed of the situation.

Uniswap Incident Brings SIM Fraud To The Fore

Many experts believe that the event was the result of a type of SIM switch hack in which the con artist hijacks the victim’s phone number. To prevent malicious breaches, users should minimize the use of SIM card-based two-factor authentication and instead utilize Google Authenticator, Authy, etc.

Social media identity still faces various hazards, including those related to the hacking of users’ phone numbers, despite the expansion of cybersecurity infrastructure.

In October 2021, Coinbase disclosed that a two-factor authentication compromise resulted in hackers stealing crypto from at least 6,000 clients. In a SIM swap hack, the victim’s phone number is taken over by the perpetrators, who then use it to access the victim’s bank accounts, credit cards, or cryptocurrency accounts.

Uniswap Founder’s Bank Account gets Shut Down by JPMorgan

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On Jan 23, Uniswap creator Hayden Adams tweeted that JPMorgan Chase had closed his bank accounts with “no notice or explanation.” Adams then went on to add that he is aware of “many individuals and companies who have been similarly targeted simply for working in the crypto industry” ending the post with the caption, ‘thanks for making it personal.’

Brian Quintenz, former Commodity Futures Trading Commission [CFTC] Commissioner who now works as a advisory partner on the a16z crypto team, chimed in to denounce the act terming it as ‘shadow de-banking of crypto‘ adding that “if the examiner told a bank that a certain customer is too risky and the bank ended that relationship, the bank is contractually prevented from telling that customer why.”

“Likely a shadow de-banking of crypto by @federalreserve or @USOCC [Office of the Comptroller of the Currency] bank examiners, with direction from the top.”

Quintenz in order to emphasize his point cited a Wall Street Journal article by staunch crypto supporter, senator Cynthia Lummis. In it, Lummis accused the Federal Reserve of deliberately delaying as it’s yet to determine whether Wyoming’s special purpose depository institution or SPDIs are banks or not.

In response to Hayden’s tweet, there were several replies confirming that they too were blocked by banks or had accounts closed for dealings with crypto. Interestingly, Chase support responded to the Uniswap founder’s tweet, acknowledging the ‘less than ideal experience’ he had and asked the Uniswap CEO to contact their messaging system.

Is the latest incident of Uniswap CEO ‘s account closure a shady tactics adopted by banks ?

Expressing surprise, Democratic Candidate for Congress, Matt West, stated that ‘this is part of why we need clear regulatory framework in the US re: crypto and banks.‘ Having said that CEO of JPMorgan Jamie Damon last year called Bitcoin as worthless.

It is not just banks in the US that are coming down hard on crypto investors. Last year, an Australian investor sued Westpac and the ANZ bank for closing his accounts resulting in the loss of funds at the time. Looks like banks now have the perfect weapon against crypto, as this shadowy action can be used to secretly remove customers without having to justify those actions.