Uniswap Fires Developer Accused of Siphoning $25k in Memecoin Rugpull
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He withdrew the liquidity he added and pocketed the 14 ETH funds.
A prominent employee of Uniswap, the most popular decentralized exchange, has come under damning allegations of a crypto scam. In a recent tweet, pseudonymous UniswapVillain notified the crypto community that AzFlin, a Uniswap developer, rugged a meme coin project a few hours after creating it.
The meme coin project in question was FrensTech (FRENS). UniswapVillain noted that AzFlin rugged the FrensTech project by withdrawing the support he previously added that enabled the FRENS coin to be traded.
One hour and four minutes ago he effectively rugged the project moving 14 ETH off of Base chain through HOP. https://t.co/UUpz1PYXLQ
Multiple people have confirmed he is the dev… pic.twitter.com/xMyQxbqj0f — 👀 (@UniswapVillain) August 12, 2023
Specifically, after accumulating 14 Ethereum (ETH) tokens in fees, valued at over 25,800, AzFlin allegedly removed the liquidity and pocked the accumulated funds. The developer carried out the fraudulent action via the Hop Protocol, a decentralized bridge that allows users to transfer tokens between different blockchains.
Furthermore, UniswapVillain mentioned that the developer did not only remove the liquidity from the meme project. He noted that AzFlin equally sold the coins whose liquidity he had withdrawn. UniswapVillain emphasized that the situation was particularly concerning given that AzFlin and his affiliation with Uniswap was public knowledge.
Uniswap CEO Reacts
Hayden Adams, the founder and CEO of Uniswap, took to X (fka Twitter) to react to the situation concerning the employee under him. Adams proclaimed that the company already fired AzFlin. The CEO said AzFlin’s behavior was at variance with the company’s operating policy.