Something worth noting — the lawsuit over Uniswap scam tokens has finally reached a conclusion. The U.S. federal court just dismissed the four-year-long class action lawsuit, and the plaintiffs ultimately failed to establish their case.

The background of this case is actually quite complex. As early as 2022, the plaintiffs filed 14 charges against Uniswap Labs and founder Hayden Adams, mainly claiming that Uniswap facilitated the trading of scam tokens on its protocol. They argued that since Uniswap charges fees, it should be responsible for these scam tokens. They even claimed that Uniswap, by issuing the UNI token, was essentially acting as an unregistered broker.

Judge Polk Failla repeatedly dismissed the plaintiffs’ claims during the proceedings. By August 2023, the court dismissed the case on the grounds that the plaintiffs failed to make valid claims under federal securities law. The plaintiffs were not satisfied and appealed to the Second Circuit Court, but the result in February 2025 was also unfavorable — the court partially upheld the original ruling.

Most interestingly, the plaintiffs were allowed to amend their complaint again. They submitted a second amended complaint in May 2025, mainly focusing on violations of state law, but only Uniswap and Adams remained as defendants. By July, the defendants filed a motion to dismiss.

The judge ultimately dismissed it. He stated outright that even after three attempts to amend the complaint, the plaintiffs still could not make a reasonable claim against Uniswap. Regarding the allegations of scam tokens, the judge believed the plaintiffs failed to prove that Uniswap, as the issuer, engaged in fraudulent conduct or significantly assisted in such activities. This was the key reason for the lawsuit’s failure — the plaintiffs needed to prove that the defendants were aware and involved, but they could not.

Adam later commented that this was a “good and reasonable outcome.” From a legal perspective, this ruling clearly indicates that decentralized protocols themselves should not be held responsible for tokens issued or traded by users on their platforms. This serves as a reference case for the entire DeFi ecosystem.