- Uniswap has blocked 253 crypto addresses based on data from Github and their involvement in recent hacks.
- Addresses blocked by Uniswap include those associated with mixing services such as Tornado Cash, recently licensed by the US Treasury Department.
- Uniswap UNI price has yet to start a recovery after losing nearly 25% over the past week.
Uniswap, a leading decentralized crypto exchange, has blocked crypto addresses linked to DeFi hacks. The wallet blacklisting is one of the few steps the exchange has taken in partnership with blockchain analytics firm TRM Labs.
Also read: Everything You Need to Know About Dogechain: Dogecoin on Steroids
Uniswap blocked wallets related to hacks
Uniswap, a decentralized exchange, has blocked 253 crypto addresses within four months of partnering with blockchain analytics firm TRM Labs. This is the first time Uniswap has blocked a user’s wallet on its platform and revealed the same.
Blocked addresses are associated with stolen funds, Tornado Cash, and other mixing services. The US Treasury recently authorized Tornado Cash for national security reasons. Tornado Cash has been previously linked to several hacks in the DeFi ecosystem.
According to a graph shared on GitHub, TRM Labs checked seven different categories of addresses related to illegal activity. The four main categories are stolen funds, funds from transaction mixers, authorized addresses, and funds from known scams. The remaining categories are funds from known hacker groups and funds used for terrorist financing, among others.
According to Bantegu, a cryptocurrency analyst and cryptocurrency Twitter influencer, most of the addresses blocked by Uniswap can be traced back to legitimate human users.
Uniswap has over 30,000 active users based on data from Token Terminal, a crypto data intelligence platform. Since April 2022, the number of active users has increased consistently. This increase shows the growing number of traders accessing Uniswap for their needs and its adoption.
Will UNI price stay the same and bulls start making acquisitions?
UNI lost nearly 25% to holders over the past week, while Bitcoin, Ethereum, and leading memecoins Shiba Inu and Dogecoin posted double-digit gains. UNI price is unchanged in the last 24 hours.
Leading crypto analyst and trader Cheds has identified $8 as a key level for the UNI price. If the bulls push his UNI price up to his $8, the asset could rise and break out of the downtrend.
UNI-USD price chart
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