Uniswap Reports Phishing Scam, As UNI Records 10% Profit In 7 days

Uniswap (UNI) has been moving against the wide sentiment successful the market. As Bitcoin, Ethereum, and larger cryptocurrencies springiness retired their past week’s gains, UNI’s terms remains impervious and maintains bullish momentum.

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At the clip of writing, Uniswap (UNI) trades astatine $5.7% and records a 10% nett successful the past 7 days and a 32% nett implicit the past month. In smaller timeframes, UNI’s terms has begun to weaken arsenic it displays a 3% nonaccomplishment successful the past day.

UNI’s terms trends to the downside connected the 4-hour chart. Source: UNIUSDT Tradingview

Yesterday, liquidity providers connected the level suffered millions of dollars successful losses arsenic a effect of a phishing scam. Via its authoritative Twitter handle, Uniswap Labs confirmed the onslaught and called it a “problem acold excessively communal successful crypto today”.

The institution addressed the concern arsenic determination were ongoing rumors astir a imaginable exploit to the Uniswap v3 platform. In that sense, they confirmed the phishing onslaught but claimed nary exploit took place.

As they explained, liquidity providers connected the level received “malicious tokens” via airdrops which pointed them to a “malicious interface”. Users fell for this phishing onslaught due to the fact that they were promised a accidental to swap the airdropped tokens for UNI. The institution explained:

This generated a setApprovalForAll transaction, which, if approved by the idiosyncratic successful their wallet, gave the attacker the quality to redeem each of the user’s Uniswap v3 LP tokens for their afloat underlying value.

The institution explained that users indispensable see imaginable phishing attacks from each those domain names not associated with unswap.org. In effect to probable aboriginal measures to beryllium adopted to mitigate these attacks, the creator of Uniswap Hayden Adams said:

In summation to education, I deliberation determination is simply a ton that tin beryllium done astatine the UI furniture (wallets and different interfaces) to support users. Example: by default, fell immoderate chartless token with a URL successful the name.

Why Uniswap Is Moving Against The Trend

Despite the attacks, the sentiment successful the crypto market, and the UNI tokens entering the market, UNI’s terms was capable to support its play and monthly gains. The persistent bullish terms enactment could beryllium driven by a bid of partnerships and acquisitions.

Uniswap Labs announced the acquisition of non-fungible token (NFT) marketplace aggregator Genie. This volition alteration the level to connection trading services for these integer assets.

In addition, developers volition beryllium capable to leverage a caller API to physique applications connected Uniswap and connection ERC-20, NFTs, and cryptocurrency trading. Thus, making the protocol a “comprehensive level for users and builders successful Web3.

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The acquisition included a aboriginal USDC airdrop to each users that traded successful the level earlier April 15, 2022, and GENIE NFT holders. This has perchance boosted UNI’s trading measurement and request which provided the token with much resilience against the persistent bearish terms enactment crossed the crypto market.