Experts from the University of Barcelona have identified that 26,869 of the 27,500 tokens, that are on the Uniswap DEX exchange, are potentially dangerous tokens with a high degree of vulnerability. Because of them, users can lose their funds.

Research

Experts Bruno Mazorra, Victor Adan and Vanesa Daza have concluded that more than 97% of the tokens on the Uniswap DEX have dangerous, malicious code or holes in the smart contract. In addition, any developer has the right to add a token to the platform. DEX does not do internal security checks before listing. Similar threats exist on other exchanges where there is no control of assets before placing them on the site.

Learn more about Uniswap

Uniswap is a decentralized protocol for exchanging digital currencies. It was created on the basis of Ethereum by Hayden Adams in 2018. The platform has a native UNI token to provide liquidity. The asset traded at $7.03 this morning (10:00 AM ET), down 2.63% from yesterday, according to Binance. In May of this year, the firm announced that it had become the leader of crypto exchanges in terms of liquidity. At that time, the total trading volume on the Uniswap exchange was over $1 trillion. Already in the fall, trading on Uniswap fell by 25% in September, CryptoRank analysts said.

Let’s not forget that this year has been a record year for the total number of DeFi project hacks. During one day on 10/12/2022, 4 exploits were recorded. Hackers hacked the Mango platform and stole $100 million. The Temple DAO project lost $2.3 million due to scammers. Also, the ParaSwap and RabbySwap projects were hacked by scammers. That is why the "hacktober" meme appeared.