- Uniswap has blocked 253 crypto addresses based on data from Github and their involvement in recent hacks.
- Addresses blocked by Uniswap include ones associated with mixing services like Tornado Cash, which was recently sanctioned by the US Treasury.
- Uniswap UNI price is yet to start its recovery after yielding nearly 25% losses in the past week.
Uniswap, the leading decentralized crypto exchange, has blocked crypto addresses associated with hacks in DeFi. Wallet blacklisting is one of the few steps taken by the exchange in its association with blockchain analytics firm TRM Labs.
Also read: Everything you need to know about Dogechain: Dogecoin on steroids
Uniswap blocked wallets associated with hacks
Uniswap, the decentralized exchange has blocked 253 crypto addresses within four months of its association with blockchain analytics firm TRM Labs. This is Uniswap’s first time blocking user wallets on its platform and revealing the same.
Blocked addresses are associated with stolen funds, Tornado Cash and other mixing services. The US Treasury recently sanctioned Tornado Cash for national security reasons. Tornado Cash has been linked to several hacks in the DeFi ecosystem previously.
TRM Labs checked the addresses that are linked to seven different categories of illegal activity, according to charts shared on GitHub. The four key categories are stolen funds, funds from a transaction mixer, sanctioned addresses and funds from a known scam. The remaining categories are funds from known hacker groups, and funds used for terrorist financing among others.
Most of the addresses blocked by Uniswap can be traced back to legitimate human users, according to Banteg, a crypto analyst and influencer on crypto Twitter.
Uniswap has over 30,000 active users based on data from Token Terminal, a crypto data intelligence platform. The number of active users has increased consistently since April 2022. This increase is indicative of the number of traders accessing Uniswap for their needs, and its rising adoption.
UNI price remains unchanged, will bulls initiate takeover?
UNI yielded nearly 25% losses for holders over the past week, while Bitcoin, Ethereum and leading meme coins Shiba Inu and Dogecoin offered double-digit gains. UNI price remains unchanged over the past 24 hours.
Cheds, a leading crypto analyst and trader identified $8 as a key level for UNI price. If bulls push UNI price to the $8 level, the asset is likely to climb higher, breaking out of its downtrend.
UNI-USD price chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.