Need help understanding UniSwap transactions

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#1

Hi everyone, today this becomes a useful thing for me to understand with the PAID token hack. :neutral_face:

Upon today’s news, I decided that I would swap my 150 PAID for ETH. I went to UniSwap, connected my wallet, and then selected max PAID. I was supposed to get something like 0.05 ETH at the time. I executed the transaction, and it appeared to go through. However, clearly from the blockchain, what I thought would happen and what actually happened weren’t the same. :slight_smile:

Here’s the tx info:
https://etherscan.io/tx/0x3b1dc9d68345f36ecef3e78f0ac42f0d06d5c313306afa6eeb4d6597e30ee5e4

Why is the value 0 here, if UniSwap showed me otherwise? I’m not sure if I should be happy or unhappy that I still have the tokens. I guess it’s better than losing them and not getting anything, but in this case, I just wasted a bunch of gas…

#2

there is usually two steps to swap on uniswap first you approve the transaction price is usually what you got charged $8.65 but after that you have to confirm the swap which is another fee and its a little higher… Idk you probably already went through those steps but I hope that answered ur question

#3

Is the uniswap warning on smaller coins something to be concerned about? On youtube there was a pretty good video advising to copy the coin address from Coingecko and then past it in uniswap to add to list and swap. I always pay heed to warnings but this may be standard. Thanks for any feedback

#4

Thank you – I should look at my past transactions to use as a comparison. I’ve never had it stop part way through a transaction like this. I am nervous about trying it again, but I guess I need to pull my funds out sooner or later. The only time I’ve ever done a transaction where I lose gas fees and also don’t complete the transaction is if I set too low of a gas price and the transaction times out.

#5

I don’t think it’s anything to worry about, as long as you know the address is coming from a trusted source. I’ll generally use anything that’s provided by CoinGecko. But you don’t ever want to just blindly use an address provided to you by another person or random website.

#6

The warning does not only appear on smaller coins. If the coin only has liquidity in Uniswap, the team can pull out all liquidity hence ‘rugpulling’ the project. This is something to important to take note of.

For every token you want to swap, either use the pair under the exchange tab in Coingecko, or find the correct contract address on the official project website or twitter account. This is because anybody can create a token under the same name, and there are a lot of scam projects on Uniswap posing as the real one.

#7

Thanks. Yes evidently there are a lot of scams on Youtube where people are impersonating the host of the show and asking for the viewer to call and eventually transfer cryptos to them.

#8

@cryptodave It seems like when you transact, you didn’t click max or any amount of PAID when you approved the transaction, that is why you have the tokens and paid for the gas fees. Sometimes I do the same mistake as well and waste gas fees.

As for the PAID exploit, sorry that you got caught in it. But do follow PAID twitter, they are looking to resolve the issue by redeploying a new contract and reissue the wallet balances to the snapshot before the exploit. So hopefully that will work out…