A Uniswap developer was fired for making a rug pull
A former employee of the company admitted to creating the FrensTech (FRENS) token, but says what he did was not a scam.
A programmer who was employed at the popular decentralized exchange Uniswap and known as “AzFlin” was fired by Uniswap Labs founder Hayden Adams for creating a mem coin that he allegedly used for rug pull. The man in question admitted that he was indeed the creator of the FRENS token, but he also claimed that he had no plans to deceive anyone.
Uniswap programmer fired for rug pull
Uniswap founder Hayden Adams recently publicly confirmed that a programmer known to the cryptocurrency community as AzFlin was fired from his job at the decentralized exchange. Adams added that this type of behavior is in no way supported or accepted at Uniswap Labs.
The fired programmer decided to mock this situation by writing on his Twitter account that in his opinion he had not made any mistake. Moreover, he does not believe that what he did was any kind of fraud. Despite everything, a large part of the digital currency community sided with the founder of Uniswap in this conflict.
It is worth noting that Rug pull is a type of scam in which the developer makes efforts to lure investors to a new cryptocurrency project, and then leaves them with a worthless asset after purchasing the digital currency. It is no secret that this type of fraud is most common in the decentralized finance (DeFi) sector.
How to recognize a rug pull and not be deceived?
In order to protect themselves from the danger, each potential investor should conduct their own research before investing. In general, you should first check whether the digital currency has locked liquidity. The red light should also be on for limits on sell orders. The important information is that fraudsters related to the cryptocurrency sector program tokens in such a way that their sale is impossible for some investors.
Another worrying aspect is the situation of huge price increases with a relatively small number of market participants. If a digital currency is inherently illiquid, the chances of it being a scam are very high.
Before investing in any tokens in the DeFi sector, you always need to first look at the smart contract audit for a given token and check which auditing company examined the project. The next step on the road to researching the project is to check whether the entity offering it, as well as the team managing it, really exist.