Buyers Say Scammers Flourished As Crypto Biz Made Billions

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By Elise Hansen (April 5, 2022, 8:37 PM EDT) — Digital-asset exchange Uniswap allows “rampant fraud” on its platform, incentivized by a fee structure that’s allowed it to charge users billions, a proposed class of token buyers told a New York federal court.

North Carolina resident Nessa Risley on Monday spearheaded allegations that Universal Navigation Inc., which does business as Uniswap Labs, has limited vetting practices and is selling unregistered securities on its cryptocurrency trading platform.

Uniswap allows the issuance of “thousands of scam tokens,” according to the complaint. Risley says the exchange, which is one of the largest digital-asset exchanges globally, has lax screening practices that allow “rampant fraud.”…

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