Uniswap Labs wins dismissal of New York class action over scam token losses

U.S. District Judge Katherine Polk Failla permanently dismissed the second amended class action against Uniswap Labs and founder Hayden Adams on March 3, 2026, in the Southern District of New York, ending litigation that began in 2022 over investor losses from scam tokens traded on the Uniswap protocol. The court rejected six state law claims—including aiding and abetting fraud, consumer protection violations in New York, North Carolina and Idaho, and unjust enrichment—ruling plaintiffs failed to show Uniswap Labs had actual knowledge of specific fraudulent schemes or directly profited from the trades. Judge Failla wrote that offering open-source smart contracts and a permissionless marketplace where fraud could occur does not constitute actively assisting fraud, citing Uniswap's public warnings about scam tokens and risk disclosures in its terms of service. UNI token gained about 6% on the day following the ruling, reaching an intraday high of $3.97.