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

Reynaldo Marquez
Reynaldo Marquez
Last Updated: July 12, 2022 7:04 pm
2 mins read
Uniswap UNI

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Uniswap (UNI) has been moving against the general sentiment in the market. As Bitcoin, Ethereum, and larger cryptocurrencies give out their last week’s gains, UNI’s price remains impervious and maintains bullish momentum.

Related Reading | TA: Ethereum Breakdown Looks like the Real Deal, $1K Is The Key

At the time of writing, Uniswap (UNI) trades at $5.7% and records a 10% profit in the past 7 days and a 32% profit over the last month. In smaller timeframes, UNI’s price has begun to weaken as it displays a 3% loss in the past day.

Uniswap UNI UNIUSDT
UNI’s price trends to the downside on the 4-hour chart. Source: UNIUSDT Tradingview

Yesterday, liquidity providers on the platform suffered millions of dollars in losses as a result of a phishing scam. Via its official Twitter handle, Uniswap Labs confirmed the attack and called it a “problem far too common in crypto today”.

The company addressed the situation as there were ongoing rumors about a potential exploit to the Uniswap v3 platform. In that sense, they confirmed the phishing attack but claimed no exploit took place.

As they explained, liquidity providers on the platform received “malicious tokens” via airdrops which pointed them to a “malicious interface”. Users fell for this phishing attack because they were promised a chance to swap the airdropped tokens for UNI. The company explained:

This generated a setApprovalForAll transaction, which, if approved by the user in their wallet, gave the attacker the ability to redeem all of the user’s Uniswap v3 LP tokens for their full underlying value.

The company explained that users must consider potential phishing attacks from all those domain names not associated with unswap.org. In response to probable future measures to be adopted to mitigate these attacks, the creator of Uniswap Hayden Adams said:

In addition to education, I think there is a ton that can be done at the UI layer (wallets and other interfaces) to protect users. Example: by default, hide any unknown token with a URL in the name.

Why Uniswap Is Moving Against The Trend

Despite the attacks, the sentiment in the crypto market, and the UNI tokens entering the market, UNI’s price was able to maintain its weekly and monthly gains. The persistent bullish price action could be driven by a series of partnerships and acquisitions.

Uniswap Labs announced the purchase of non-fungible token (NFT) marketplace aggregator Genie. This will enable the platform to offer trading services for these digital assets.

In addition, developers will be able to leverage a new API to build applications on Uniswap and offer ERC-20, NFTs, and cryptocurrency trading. Thus, making the protocol a “comprehensive platform for users and builders in Web3.

Related Reading | Back Into Crab Mode, Bitcoin Bullish Potential Capped For The Coming Months?

The acquisition included a future USDC airdrop to all users that traded in the platform before April 15, 2022, and GENIE NFT holders. This has potentially boosted UNI’s trading volume and demand which provided the token with more resilience against the persistent bearish price action across the crypto market.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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