Prominent Uniswap Developer Fired Over $25,000 Memecoin Rug Pull
Uniswap has confirmed the firing of developer Allen Lin, known as AzFlin, for orchestrating a rug pull on the FrensTech meme coin. Uniswap founder Hayden Adams publicly distanced the company from Lin’s actions, stating that they do not condone such behavior. The rug pull saw investors lose 14 ETH, valued at approximately $25,900. The project was launched on friend.tech, the social platform of the Coinbase Layer-2 base program.
How the Rug Pull Occurred
A user on X, known as UniswapVillain, exposed Lin’s actions, revealing that he withdrew support for the FrensTech token, accumulated 14 ETH in fees, removed liquidity, and sold all the coins. The rug pull was facilitated through the Hop Protocol, a decentralized bridge for token transfers between blockchains. The association of Lin, an Uniswap employee, with such fraudulent activity is particularly concerning.
AzFlin Unrepentant about Sacking
Following his termination, Lin referred to his sacking as “net neutral” and boasted about gaining new followers and becoming a crypto villain. He claimed that the fees he pocketed were part of dev taxes and belonged to him. Despite being doxxed and working for Uniswap, Lin showed no remorse for his actions.
The Menace of Rug Pulls
Rug pulls have become increasingly common in the crypto space, particularly affecting newer tokens and decentralized exchanges. With the allure of massive profits from major cryptocurrencies, traders should be cautious of new projects and influencers’ promotions. Conducting thorough research and investing in reputable projects is crucial.
Hot Take
The rug pull orchestrated by Uniswap developer AzFlin highlights the need for increased scrutiny and due diligence within the crypto space. Investors must be cautious and conduct their own research, rather than relying solely on influencers and new projects. The industry should work towards implementing stricter measures to prevent and punish fraudulent activities.
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