Uniswap Fake Nimbus Token - Revision history

Azoundria at 18:41, 2 May 2023

2023-05-02T18:41:50Z

← Older revision		Revision as of 12:41, 2 May 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/uniswapfakenimbustoken.php}}		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/uniswapfakenimbustoken.php}}
	{{Unattributed Sources}}		{{Unattributed Sources}}

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	Uniswap allows anyone to list a token. Therefore, there have been a massive number of scams with tokens named similarly to popular tokens. The Nimbus did not have a token. There was still a reasonable chance someone may have looked for one, and ended up purchasing from a scammer.		Uniswap allows anyone to list a token. Therefore, there have been a massive number of scams with tokens named similarly to popular tokens. The Nimbus did not have a token. There was still a reasonable chance someone may have looked for one, and ended up purchasing from a scammer.

	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.<ref name="nimbusplatformmedium-5018" /><ref name="nimbusplatformmedium-4643" /><ref name="etherscan-5019" />
	<ref name="nimbusplatformmedium-5018" /><ref name="nimbusplatformmedium-4643" /><ref name="etherscan-5019" />

	== About Uniswap ==		== About Uniswap ==
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	!Description		!Description
	\|-		\|-
	\|December 21st, 2020 ~~12:00:00 AM~~		\|December 21st, 2020
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
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	\|		\|
	\|}		\|}

			== Technical Details ==
			This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

	== Total Amount Lost ==		== Total Amount Lost ==
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	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== General Prevention Policies ==
			There are no reported cases of centralized platforms listing fake tokens. Such an event would likely be short-lived. Platform operators have an inherent interest in protecting their users against fraud, and the insurance fund is available for platforms to use.
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

			== Platform Prevention Policies ==
			{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

	== Prevention ~~Policies ==~~		{{Prevention:Regulators:End}}
	There are no reported cases of centralized platforms listing fake tokens. Such an event would likely be short-lived. Platform operators have an inherent interest in protecting their users against fraud, and the insurance fund is available for platforms to use.

	== References ==		== References ==
	<references><ref name="nimbusplatformmedium-5018">[https://nimbusplatform.medium.com/nimbus-platform-launch-nbu-token-smart-contract-release-c65f4f7b94a6 Nimbus Platform Launch Nbu Token Smart Contract Release] (Dec 20, 2022)</ref>		<references><ref name="nimbusplatformmedium-5018">[https://nimbusplatform.medium.com/nimbus-platform-launch-nbu-token-smart-contract-release-c65f4f7b94a6 Nimbus Platform Launch Nbu Token Smart Contract Release] (Dec 21, 2022)</ref>

	<ref name="nimbusplatformmedium-4643">[https://nimbusplatform.medium.com/world-of-nimbus-dapps-and-opportunities-cdc12c9d8704 World Of Nimbus Dapps And Opportunities] (Dec 20, 2021)</ref>		<ref name="nimbusplatformmedium-4643">[https://nimbusplatform.medium.com/world-of-nimbus-dapps-and-opportunities-cdc12c9d8704 World Of Nimbus Dapps And Opportunities] (Dec 21, 2021)</ref>

	<ref name="etherscan-5019">[https://etherscan.io/address/0x795b6E098e2A645dAC32F87Cab679Ac60Bf07ECF NBU \| 0x795b6E098e2A645dAC32F87Cab679Ac60Bf07ECF] (Dec 30, 2022)</ref></references>		<ref name="etherscan-5019">[https://etherscan.io/address/0x795b6E098e2A645dAC32F87Cab679Ac60Bf07ECF NBU \| 0x795b6E098e2A645dAC32F87Cab679Ac60Bf07ECF] (Dec 31, 2022)</ref></references>

Azoundria at 16:55, 22 February 2023

2023-02-22T16:55:03Z

← Older revision		Revision as of 10:55, 22 February 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/uniswapfakenimbustoken.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/uniswapfakenimbustoken.php}}
			{{Unattributed Sources}}

	[[File:Uniswap.jpg\|thumb\|Uniswap]]		[[File:Uniswap.jpg\|thumb\|Uniswap]]
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	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.
			<ref name="nimbusplatformmedium-5018" /><ref name="nimbusplatformmedium-4643" /><ref name="etherscan-5019" />

	== About Uniswap ==		== About Uniswap ==
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	Don't Include:		Don't Include:

	* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.		* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
	* Anything that wasn't reasonably knowable at the time of the event.		* Anything that wasn't reasonably knowable at the time of the event.
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	\|-		\|-
	\|December 21st, 2020 12:00:00 AM		\|December 21st, 2020 12:00:00 AM
	\|~~First~~ Event		\|Main Event
	\|~~This is an expanded~~ description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
	\|-
	\|
	\|
	\|
	\|-		\|-
	\|		\|
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	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~It is unknown how much was~~ recovered.		There do not appear to have been any funds recovered in this case.

	What funds were recovered? What funds were reimbursed for those affected users?		What funds were recovered? What funds were reimbursed for those affected users?
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	== References ==		== References ==
	[https://nimbusplatform.medium.com/nimbus-platform-launch-nbu-token-smart-contract-release-c65f4f7b94a6 Nimbus Platform Launch Nbu Token Smart Contract Release] (Dec 20)		<references><ref name="nimbusplatformmedium-5018">[https://nimbusplatform.medium.com/nimbus-platform-launch-nbu-token-smart-contract-release-c65f4f7b94a6 Nimbus Platform Launch Nbu Token Smart Contract Release] (Dec 20, 2022)</ref>

	[https://nimbusplatform.medium.com/world-of-nimbus-dapps-and-opportunities-cdc12c9d8704 World Of Nimbus Dapps And Opportunities] (Dec 20)		<ref name="nimbusplatformmedium-4643">[https://nimbusplatform.medium.com/world-of-nimbus-dapps-and-opportunities-cdc12c9d8704 World Of Nimbus Dapps And Opportunities] (Dec 20, 2021)</ref>

	[https://etherscan.io/address/0x795b6E098e2A645dAC32F87Cab679Ac60Bf07ECF NBU \| 0x795b6E098e2A645dAC32F87Cab679Ac60Bf07ECF] (Dec 30)		<ref name="etherscan-5019">[https://etherscan.io/address/0x795b6E098e2A645dAC32F87Cab679Ac60Bf07ECF NBU \| 0x795b6E098e2A645dAC32F87Cab679Ac60Bf07ECF] (Dec 30, 2022)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/uniswapfakenimbustoken.php}} Uniswap Uniswap allows anyone to list a token. Therefore, there have been a massive number of scams with tokens named similarly to popular tokens. The Nimbus did not have a token. There was still a reasonable chance someone may have looked for one, and ended up purchasing from a scammer. This is a global/international case not involving a sp..."

2023-01-25T19:21:26Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/uniswapfakenimbustoken.php}} thumb|Uniswap Uniswap allows anyone to list a token. Therefore, there have been a massive number of scams with tokens named similarly to popular tokens. The Nimbus did not have a token. There was still a reasonable chance someone may have looked for one, and ended up purchasing from a scammer. This is a global/international case not involving a sp..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/uniswapfakenimbustoken.php}}

[[File:Uniswap.jpg|thumb|Uniswap]]
Uniswap allows anyone to list a token. Therefore, there have been a massive number of scams with tokens named similarly to popular tokens. The Nimbus did not have a token. There was still a reasonable chance someone may have looked for one, and ended up purchasing from a scammer.

This is a global/international case not involving a specific country.

== About Uniswap ==
"Uniswap is an Ethereum exchange, built using smart contracts and liquidity pools, as opposed to the order book of a traditional centralized exchange (CEX), such as Binance. With any Ethereum wallet, users can simply connect to the Uniswap application and effortlessly exchange ERC20 tokens without first sending them to the exchange platform account."

"[T]he development of Uniswap was facilitated by Vitalik Buterin’s idea for a decentralized exchange (DEX), which would involve an automated market maker. Actually, the protocol developer himself, Hayden Adams, at first tried to just practice development on Solidity, and later this hobby brought him several grants and $100 000 from the Ethereum Foundation. Now the project went far beyond just entertainment and became one of the most important components of the entire DeFi industry."

"[D]ecentralized exchanges are one of the leading DeFi sectors, whose trading volumes exceeded $1.5 billion and reached the all-time high in June. Uniswap and Curve together processed nearly $800 million, which is more than half of the overall monthly volume."

"Since its ‘V2’ overhaul in May, Uniswap has emerged as a cornerstone of the nascent DeFi ecosystem, with data published by Dune Analytics indicating that Uniswap comprises DeFi’s top pool by total users with 92,000."

"Nimbus has an ambitious plan to open some of the most rewarding DeFi functionalities to everyone. All of it within just one ecosystem and with increased efficiency due to decentralization."

"Our approach takes the best tools from traditional finance and combines them with the best practices of DeFi. The recipe targets the key shortcomings of both traditional finance and DeFi in a comprehensive manner."

"On 21 December, a malicious third party launched a fake NUS token on Uniswap. Considering that it’s impossible to list two tokens with the same symbol there, we had to urgently rearrange our smart contracts and many other important things."

"Luckily, we managed to solve this quickly and already published our new smart contract. Do note, that due to the situation, our «NUS» Token has been renamed into «NBU» Token."

"As Uniswap’s protocol is permissionless and both good and bad actors can list tokens through it, you will often see a warning for users to take the initiative in avoiding scammers."

"Rather than searching for tokens or pairs on Uniswap, you can verify you are selecting genuine ones by going via a trusted source, such as the CoinMarketCap or CoinGecko crypto tracking websites. On CoinMarketCap, for example, you can search for the token, select it, then navigate to the trading pairs towards the bottom of the page. If you then click on the relevant pair next to Uniswap, it will take you to the genuine Uniswap page and help you to avoid fake tokens. It also has an option at the top for MetaMask." "Explorers like Etherscan can also be used to check the vital analytics needed to make a more informed decision."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:

* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - Uniswap Fake Nimbus Token
!Date
!Event
!Description
|-
|December 21st, 2020 12:00:00 AM
|First Event
|This is an expanded description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|-
|
|
|
|}

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
It is unknown how much was recovered.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==
There are no reported cases of centralized platforms listing fake tokens. Such an event would likely be short-lived. Platform operators have an inherent interest in protecting their users against fraud, and the insurance fund is available for platforms to use.

== References ==
[https://nimbusplatform.medium.com/nimbus-platform-launch-nbu-token-smart-contract-release-c65f4f7b94a6 Nimbus Platform Launch Nbu Token Smart Contract Release] (Dec 20)

[https://nimbusplatform.medium.com/world-of-nimbus-dapps-and-opportunities-cdc12c9d8704 World Of Nimbus Dapps And Opportunities] (Dec 20)

[https://etherscan.io/address/0x795b6E098e2A645dAC32F87Cab679Ac60Bf07ECF NBU | 0x795b6E098e2A645dAC32F87Cab679Ac60Bf07ECF] (Dec 30)