Crypto

Uniswap Fights DeFi Hackers and Blocks 253 Crypto Addresses Involved in Hack | Cryptocurrency

  • Uniswap has blocked 253 crypto addresses based on Github data and their involvement in recent hacks.
  • Addresses blocked by Uniswap include addresses associated with mixing services such as Tornado Cash, which were recently sanctioned by the US Treasury.
  • The price of Uniswap UNI has not yet begun to recover after losing almost 25% last week.

Uniswap, the leading decentralized crypto exchange, has blocked crypto addresses associated with a DeFi hack. Blacklisting wallets is one of the few actions taken by the exchange in collaboration with analytics firm TRM Labs.

Read also: Everything you need to know about Dogechain: Dogecoin on steroids

Wallets blocked by Uniswap linked to hack

Uniswap, a decentralized exchange, blocked 253 crypto addresses within four months after partnering with analytics firm TRM Labs. This is the first time that Uniswap has blocked user wallets on its platform and found the same.

The blocked addresses are associated with stolen funds, Tornado Cash and other mixing services. The US Treasury Department recently imposed sanctions on Tornado Cash on national security grounds. Tornado Cash has already been linked to several hacks in the DeFi ecosystem.

According to charts posted on GitHub, TRM Labs has verified addresses associated with seven different categories of illegal activity. The four main categories are: stolen funds, funds from the transaction mixer, authorized addresses, and funds from known fraud. The remaining categories are funds from well-known hacker groups and funds used, in particular, to finance terrorism.

Most of the addresses blocked by Uniswap can be traced back to legitimate users, according to Banteg, a cryptanalyst and influencer at Crypto Twitter.

Uniswap has over 30,000 active users based on data from Token Terminal, a cryptocurrency data analysis platform. The number of active users has grown steadily since April 2022. This increase is indicative of the number of merchants using Uniswap for their needs and its growing use.

UNI price remains unchanged, do traders initiate takeovers?

UNI has lost almost 25% for holders over the past week, while Bitcoin, Ethereum and major Shiba Inu and Dogecoin coins have made double-digit gains. UNI price has not changed in the last 24 hours.

Chads, a leading cryptocurrency analyst and trader, identified $8 as a key level for the UNI price. If traders push the UNI price towards the $8 level, the asset is likely to go higher, breaking out of the downtrend.

UNI-USD price chart

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