Uniswap Lays off Developer for Alleged Memecoin Rugpull

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Hayden Adams, the founder of leading decentralized exchange Uniswap has taken to X (formerly Twitter) to announce that one of its developers popularly known as AzFlin in the crypto community no longer works with the organization citing misalignment with the company’s core values. The decision to lay off the developer resulted from a controversy in which Uniswap has found itself.

AzFlin Caught in Memecoin Rugpull

AzFlin is the Twitter and Github alias for Allen Lin, a smart contract engineer who has been with Uniswap for more than a year now. Before coming to Uniswap, he used to be a lead engineer at the Non-fungible token (NFT) marketplace Genie, according to his profile on LinkedIn.

It was discovered that AzFlin was involved in manipulating a memecoin known as FrensTech and his action led to significant financial implications.

Markedly, FrensTech is a memecoin associated with the new friend.tech social platform on Base. AzFlin launched the FrensTech memecoin on Uniswap and shortly after, he withdrew all the liquidity he had initially transferred to the protocol.

AzFlin Withdraws Liquidity From FrensTech 

The liquidity summed up to 14 Ethereum (ETH) valued at approximately $25,800 at the time. 

The developer utilized Hop Protocol, a tool that facilitates the transfer of tokens across various blockchains to complete the transaction. After withdrawing the token, he sold them and this action was suspicious to members of the crypto community. Moreso, AzFlin’s prominent position in Uniswap as well as his public identity made netizens more skeptical about the move.

“This is wild to me that someone who is doxxed and works for Uniswap would do this,” Uniswap Villain on X explained.

However, Uniswap’s founder finally cleared the air stating that AzFlin’s move is “not behavior we support or condone” as they are not in alignment with the company’s value, therefore, AzFlin’s Association with Uniswap has been terminated. Adams emphasized that the company is committed to upholding ethical practices. 

FBI Warns Investors of Phishing Scams

Noteworthy, this incident underscores the risks associated with the nascent crypto industry. Only a few days ago, the Federal Bureau of Investigation (FBI) released a warning against illicit players in the crypto ecosystem who engage in phishing scams. 

Most of the time, these bad actors utilize social media platforms to perpetrate their evil intentions. Investors are therefore advised to be watchful and cautious when making an investment.

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