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Chinese state-run TV network draws attention to DeFi scams on Uniswap

A Chinese state-controlled media has highlighted the high-risk nature of cryptocurrencies and decentralized finance.

CCTV-13, a TV channel that is part of the state-controlled China Central Television (CCTV) network, aired a new report today, highlighting how easy malicious actors can create fraudulent tokens and sell them on decentralized finance (DeFi) platforms such as Uniswap.

CCTV-13 began to pay attention to Uniswap and asked the security company to demonstrate how to issue coins on Uniswap and rug pull,” pointed out China-focused crypto journalist Colin Wu.

In the report, CCTV-13 explained that literally, anyone can create their own tokens—including those mimicking other projects—in the DeFi ecosystem. As an example, the reporter pointed to TRTC, a “fake token that surfaced last November.

As reported earlier, following the Bitcoin mining debacle that originated from China last week, the country’s state-run media published several articles and reports that outlined various risks associated with cryptocurrencies. For example, Xinhua News Agency highlighted the danger of overleveraged Bitcoin trading on Saturday.

Source: Cryptoslate