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Uniswap Hackers Steal 4295 ETH Via Phishing Attack

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DeFi protocol Uniswap fell victim to an elaborate phishing campaign that targeted liquidity providers [LPs] resulting in a loss of 4295 ETH which comes close to $4.7 million.

Although the exact amount of stolen funds is not yet confirmed by the DEX, there are multiple reports by various experts detailing the incident.

Metamask security expert Henry Denley was the first to raise the red flag. According to him, about 73,399 addresses have received a malicious token under the false impression of a UNI airdrop.

The token if clicked directs them to a domain “/uniswaplp.com“, which imitates the real Uniswap branding. The website hosted by bad actors allows curious users to swap their new tokens for Uniswap [UNI], worth $5.34 each at the time of writing.

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Uniswap Hackers Steal 4295 ETH Via Phishing Attack 3

The interface would instead send the users’ address and browser client info to the attackers’ command center, which would also attempt to drain cryptocurrency from their wallets.

“There is evidence that this campaign is purely targeting native coin [ETH, BNB] and Uniswap LP positions”, the tweet read.

Another crypto tracking platform tweeted that the attackers siphoned the stolen assets to Tornado Cash and put the funds at 7,500 ETH, nearly $8 million.

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Uniswap Hackers Steal 4295 ETH Via Phishing Attack 4

Uniswap Hack – A phishing Attack On LPs Not A Exploit On The V3 Protocol

Binance CEO Changpeng “CZ” Zhao too tweeted the incident calling it a potential exploit of Uniswap V3 on the ETH blockchain. CZ later clarified that the exploit was actually a phishing attack and that the protocol is safe.

“The attack looks like a phishing attack. Both teams responded quickly. All good. Sorry for the alarm. Learn to protect yourself from phishing. Don’t click on links.”

However, there are rumors among the crypto community that the losses might be much higher than what is being reported.

Meanwhile, Uniswap’s price reacted by a sharp decline just moments after CZ’s initial tweet, falling by almost 14% in the 24-hour index.

UNI has since posted a marginal recovery to trade at $5.61 at press time. Still, the token is down by 86% from its previous peak of $42.

Uniswap Brings NFT Marketplace Genie Into Its Fold

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Leading DEX Uniswap has announced buying NFT marketplace aggregator Genie for an unspecified amount. The platform has now expanded its products to include both ERC-20s and NFTs. Further, the exchange published a blog and stated,

NFTs will be integrated into our products, starting with the Uniswap web app, where soon you’ll be able to buy and sell NFTs across all major marketplaces. We’ll also integrate NFTs into our developer APIs and widgets, making Uniswap a comprehensive platform for users and builders in web3.

The trading platform’s foray into NFTs began in 2019, as it launched Unisocks, the first instance of NFT liquidity pools, and of NFTs backed by real-world assets. Per the blog, the DEX revealed a USDC airdrop for historical Genie users.

“The airdrop will launch in August and be claimable for up to 12 months, based on a snapshot that has already been taken. Stay tuned for more details,” the blog read.

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Uniswap Brings NFT Marketplace Genie Into Its Fold 6

The blog post ended with a disclaimer that the acquisition would not affect the Uniswap Protocol, Governance, or the UNI token. And that Genie users will continue to have uninterrupted service to its website until the new Uniswap NFT experience is available.

Following the integration, UNI’s price surged by 16% in just 6 hours. At the time of publication, the value stood at $4.84, up by 7% in the past 24 hours.

Uniswap Surpassed Ethereum in Terms of Daily Fees

Two days back, Uniswap overtook its home network, Ethereum. With $4.3 million in fees generated as of June 20, the world’s largest decentralized exchange [DEX] has jumped to the top of CryptoFees’ leaderboard.

Even though its holders don’t get a piece of the cash flows, which come from users paying a fee when swapping between digital assets.

Still, as one of the most recognizable DeFi players and other smart contract-enabled activities, it’s noteworthy that a protocol topped Ethereum, in terms of fee generation. 

Above all, the lucrative fees have come during an extremely turbulent period for crypto and world markets at large. It is quite apparent by now, despite being a dismal year for digital asset prices, that the DeFi sector keeps on working.

Uniswap’s Cumulative Trading Volume Crosses $1T

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Decentralized exchange [DEX] Uniswap scored a new milestone passing $1 trillion in total trading volume as per the announcement posted on their official Twitter handle on May 24.

In a series of tweets that began saying, “It’s been one hell of a ride”, the protocol shared key points that helped towards reaching its $1 trillion mark.

Since its inception in 2018, the DEX claimed that it has onboarded millions of users to the world of DeFi, introduced fair, permissionless trading, and lowered the barrier to liquidity provision.

This month, the DEX’s number of cumulative addresses hit around 3.9 million this month after just over three years, data from Uniswap Labs revealed.

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The Uniswap Labs team is a major contributor to the Protocol that focuses on building a suite of products to support the UNI ecosystem. The trading platform currently runs on Ethereum and layer-2 scaling solutions Polygon, Optimism, and Arbitrum.

Around mid-April,  the creator behind the leading decentralized exchange protocol unveiled its own venture division to further its web3 ambitions. But the size of Ventures’ fund is been not made public yet.

Earlier this month, the team behind the project also revealed that the DEX’s v3 will be deployed to two EVM-compatible chains in Gnosis Chain and Polkadot-based para-chain Moonbeam Network, following successful governance proposals.

Uniswap leading the pack except for TVL and Price

With respect to trade volume, Uniswap is at the top position way ahead of its competitors in the DEX market. According to CoinGecko Data, the protocol’s V3 topped $938 million worth of volume in the past 24 hours, representing 33% of the total market share.

However in terms of Total Value Locked [TVL] ranking it fell to seventh place at $5.9 billion while PancakeSwap ranks seventh with $4.27 billion worth of TVL. MakerDAO [MKR] topped the charts sitting at $9.82 billion in TVL and Curve [CRV] in the second place at $9.16 billion.

On the price front too, the performance of its native token UNI has been disappointing. UNI went on a downward spiral depreciating by 87% from its previous all-time high of $44.9 back in early May 2021, to now a little above $5.

Uniswap [UNI] and Terra [LUNA] drown deep in the red sea

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The extreme volatility of the crypto market had left the entire community in dire confusion. Assets like Uniswap [UNI], Polkadot [DOT], and Terra [LUNA] were seen recording a significant loss. While other coins were no less, these three assets were noted leading the bearish cycle. LUNA recently hit an all-time high, however, this hot streak was disrupted and the asset was plummeting by 10%, during the time of writing,

As the altcoins suffered, Bitcoin [BTC] remained quite untethered by the bear. The king coin was on its way towards $60K however, it was taking it slow. During press time, BTC was priced at $56,720 while its market cap remained over $1 trillion. Additionally, the king coin’s price grew by 13% over the last couple of days while most of the altcoins grieved the wrath of the bear.

Additionally, Uniswap [UNI] was making its way on to a double-digit loss. At the time of writing, UNI was trading for $22.45 with a 9.72% drop over the last 24-hours. Throughout the previous few days, UNI endured losses up to 11%.

The fairly new coin sprung up the crypto ladder quite easily. However, this notion was disrupted by other assets. Now, Uniswap sits as the twelfth largest cryptocurrency with a market cap of $13.8 billion.

Uniswap [UNI] one-hour price chart on Binance

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Uniswap [UNI] and Terra [LUNA] drown deep in the red sea 9

Bears, bears, and more bears. The UNI market was compiled of only bearish notions. The short-term price chart of UNI clearly stated that the chances of the asset dropping below $20 were on the higher side. The Parabolic SAR indicator laid out a barricade over the candlesticks and prevented UNI from witnessing any sudden surges in its price.

The Awesome Oscillator with red closing bars noted the presence of the bear in the Uniswap market. Furthermore, the Relative Strength Index indicator suggested that UNI was being oversold.

Uniswap [UNI] bulls attempt to rake in gains after losing $25

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Uniswap’s [UNI] attempt to reach the May highs was cut short by the subsequent sell-off. While the global market cap dropped below $2 trillion, most crypto-assets broke psychological levels. UNI, for one, tested the $25.3 support level as it fell from a high of more than $33. The price is currently dominated by bears who are trapping upward momentum to overcome the downtrend Bitcoin that has been at play since the beginning of September.

Over the past 24-hours., Uniswap [UNI] noted a minor decline of 1.78% which pushed the asset to $23.18. The DeFi token held a market cap of $14.23 billion and a 24-hour trading volume of $655 million, at the time of writing.

Uniswap [UNI] Daily Price Chart:

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Uniswap [UNI] bulls attempt to rake in gains after losing $25 12

The volatility in the UNI market took a hit. The moving averages also depicted a less promising outlook as both 50 [Pink] and the 200 DMA [Yellow] moved over the price candles. However, UNI managed to thwart the attempt of 100 DMA [Blue] to climb above the price.

Additionally, the formation of a descending parallel channel on the daily revived hopes for a bullish reversal in the near term. The trading volume, on the other hand, has spiked which could aid in the growth of a potential uptrend.

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Uniswap [UNI] bulls attempt to rake in gains after losing $25 13

The Klinger Oscillator [KO] managed to steer away from a bearish crossover depicting a potential change in trend. The Chaikin Money Flow [CMF] also held its position on top of the zero-line after a period of increased outflow from the coin market. The daily Relative Strength Index [RSI] attempted to make headway above the 50-median line even as sellers continued to pressure the traders to offload the asset.

In case of a bullish breakout following the completion of the descending channel formation, Uniwap would have to beach the moving averages near $25-$26 to target the nearest resistance level of $30. Other resistances stood at $40.5 and $43.3 respectively. The support areas, on the other hand, were found to be at $21.4 and $31.6.

Where is Uniswap [UNI] heading after failing to breach $30?

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Uniswap [UNI] is currently fluctuating between gains and losses, and its price movement lacked a clear direction for three consecutive weeks. The price has formed lower lows despite the broader market making improvements frequently in mid-August. UNI saw an impressive rally earlier this year leading up to an ATH in May. Since the subsequent sell-off, the crypto-asset has failed to gain the necessary momentum to break the record level.

Uniswap [UNI] was down by 1.13% over the last 24-hours, which drove its price to $26.20. At the time of writing, the eleventh-largest crypto-asset registered a market cap of $16.01 billion and a 24-hour trading volume of $249 million.

Uniswap [UNI] Daily Price Chart:

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Where is Uniswap [UNI] heading after failing to breach $30? 16

UNI’s volume has been low, which has had a negative effect on its price. But the volatility in the market hinted at mild revival attempts. The formation of a mega bearish descending triangle on the daily UNI chart, on the other hand, threatened further losses in the coming days. Additionally, the latest market pullback saw the price candles falling below the upsloping 200 DMA [Yellow] even as the 50 DMA [Pink] formed a bullish crossover with the 100 DMA [Blue].

Bearish signals continued to appear all across the board.

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Where is Uniswap [UNI] heading after failing to breach $30? 17

Klinger Oscillator [KO] has been consistent and has remained unfazed by lower lows formed by the UNI candlesticks. The MACD, however, depicted the rising strength of the ongoing bearish trend as buyers’ demand slumped. A similar sentiment was in the Relative Strength Index [RSI] that broke below the 50-median and moved south, indicating a gradual increase in the dominance of the sellers in the market.

According to the above charts, a breakdown from UNI’s pattern could see it move back towards a demand zone of $14.4-$21.4. On the flip side, Uniswap first needs to breach $30.71 to target yearly highs of $40.5 and $43.3.

Will Uniswap’s [UNI] descent from $30 transform into an upswing?

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Uniswap’s [UNI] bullish trend slowed down as Solana [SOL] flipped the digital asset after a staggering rally. As a result, the former’s weekly losses increased to 8.91%. UNI’s tryst above the $30 remained rather short-lived as it resumed a downtrend after reaching a three-month price level. The volatility in the market has decreased putting into perspective the fading momentum in the market as it struggled to find a stable foothold.

Over the past 24-hours, Uniswap [UNI] was down by 1.11% and was currently priced at $25.96. At the time of writing, the digital asset registered a market cap of $15.22 billion and a 24-hour trading volume of $517 million.

Uniswap [UNI] Daily Price Chart:

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Will Uniswap's [UNI] descent from $30 transform into an upswing? 20

Along with the volatility in the market, the volume also picked up the pace as price went on a recovery mode. But technicals went downhill after the price fell below the 200 DMA [Yellow] and neared the other two. The upward-sloping 50 DMA [Pink] was now eyeing for a potential bullish crossover with the 100 DMA [Blue] which was nearing the UNI price candles. If this materializes, the token is likely to an extended rally. However, if the UNI falls below the rest of the moving averages, UNI risks damaging market turn towards its yearly lows.

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Will Uniswap's [UNI] descent from $30 transform into an upswing? 21

The decreasing red closing bars of Awesome Oscillator [AO] evidenced a weak but bearish momentum in the coin market. The MACD also flipped bearish crossover which further indicated a slump in the buying demand. The Relative Strength Index [RSI] was flirting with the 50-median line, which, if breached, could intensify massive sell pressure in the market.

The nearest resistance for Uniswap was found at $30.54. If the asset breaks this level, other crucial levels such as $40.5 and $43.3 will come into play. The support points, on the other hand, stood at $21.4, and $14.5.

Uniswap [UNI] Price Relishes Arrival of Bull As Pastures Turn Green

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As the cryptocurrency market rallied to beat the bear, some altcoins took it upon themselves to lead the charge. Uniswap (UNI) was one of the cryptocurrencies climbing rapidly while taking the title of “biggest gainer” in the top 10 cryptocurrency club. As it stands, the 10 largest coin was green ticking at date of 10.6 percent in the daily timeframe.

At press time, Uniswap was trading for $23.09 with a market cap of $13.6 billion. The double-digit climb also elevated the cryptocurrency to a 24-hour trading volume high of $576.8 million. Aside from Uniswap, its nearest competitor Polkadot was also making moves by achieving daily growth of over 10 percent.

Uniswap 1 hour:

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Uniswap [UNI] Price Relishes Arrival of Bull As Pastures Turn Green 24

The hourly charts painted a bearish picture for the cryptocurrency after a sweltering start to the week. A majority of the indicators pointed to a bearish atmosphere interspersed with bullish gains.

Uniswap’s Bollinger bands moved parallel to each other after a massive price breakout. The formation of the positive Bollinger cloud was one of the few bullish signs for Uniswap. Both the Chaikin Money Flow indicator and RSI crashed to the bottom of their graphs after the last price action. This was a sign of more users selling their tokens while the capital reduces in the Uniswap market.

Uniswap 1 day:

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Uniswap [UNI] Price Relishes Arrival of Bull As Pastures Turn Green 25

Long-term charts held some good news for Uniswap as some of the aforementioned indicators sided with the bull. While the support was no longer threatened, the price movement still invoked a closer look.

The daily RSI fell sharply yesterday from the overbought zone. Although this still kept Uniswap above the zero level, it occurred at a time when the CMF shot up. Uniswap’s CMF had climbed significantly over the past few days to settle much higher than the zero line. If it maintains its momentum, Uniswap CMF had the chance to touch mid-July highs.

The Bollinger bands here projected a smaller breakout with the upper and lower band diverging from one another.

Uniswap [UNI] faces major opposing force at $25-level

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After a week of staggering price action, Uniswap [UNI] seems to be faltering close to its respective overhead resistance level along with several top crypto-assets. UNI finally broke free from the two major levels as its 7-day gains stood at 11.04%.

The volatility in the cryptocurrency market noted a slight uptick after weeks of remaining suck inside an uneventful consolidation range. The DeFi token has been on a clear uptrend since the 21st of July.

As it reached a crucial resistance level, Uniswap [UNI] noted a decline of 1.22% over the past day which drove the price to $22.03. At the time of writing, the digital asset recorded a market cap of $12.89 billion and a 24-hour trading volume of $502 million.

Uniswap [UNI] Daily Price Chart:

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Uniswap [UNI] faces major opposing force at $25-level 28

The daily moving averages have been serving as a major opposing force that has prevented a move higher. Following the latest uptrend, the UNI candle pierced through the 50 DMA [Pink]. The 100 DMA [Blue] and the 200 DMA [Yellow] were currently undergoing a bearish crossover which could stall the positive sentiment in the coin market.

The moderate volume could potentially the back UNI and push the price.

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Uniswap [UNI] faces major opposing force at $25-level 29

The Chaikin Money Flow [CMF] spiked above the zero-line after more than a fortnight which depicted the flow of money into the coin market and hence an overall bullish trend. The Klinger Oscillator [KO], on the other hand, appeared to be on the verge of breaking down towards the negative. Besides, the Relative Strength Index [RSI], was heading close to the extreme overbought conditions that were last seen before mid-May.

If Uniswap breaks above the $25-level, resistance levels of $29.45 and $37.8 could come into play. However, a decisive close below the support floor set up by the 50 DMA at $19 could confirm the shift in trend to bearish. Such a move will pave the way for a $14.54 foothold.

Uniswap’s users can still bypass censorship of the main UI, trade restricted assets

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The largest decentralized exchange [DEX] Uniswap’s software development studio had earlier revealed restricting access to some tokens, including synthetic stocks and derivatives from the platform interface.

Over the past couple of weeks, several cryptocurrency firms such as Binance have removed their tokenized stock products. But Uniswap’s move is different than most centralized exchanges since it is only restricting access through its own interface.

Dodging Uniswap’s censorship

Uniswap Labs did not clearly mention the actual reason behind the restriction but in the official blog post, the studio had said that the tokens in question represented a very small portion of the overall volume on the Uniswap Protocol. However, it is important to note that there are several ways in which censorship can be bypassed. In fact, the users can still access these tokens through other portals on the DeFi platform that supports them. Parafi Capital’s Nick Chong also revealed that there are “a ton of alternative interfaces.”

Chong observed that the restricted assets accounted for a total of $5.9 million worth of volume over the past seven days which is around 0.076% of the decentralized exchange’s 7-day volume. He called it a “rounding error.” Chong also emphasized the need for bookmarking decentralized interfaces and mirror applications and asserted,

“The world needs decentralized interfaces. Wouldn’t it have been bad if all non-power user DeFi traders woke up one day and the Uniswap Labs interface was gone w/ no alternatives? This is a wake-up call! Bookmark the decentralized interfaces.”

A bad precedent

The latest move has opened a can of worms about the never-ending decentralization and the impact of regulatory oversight on decentralized finance [DeFi]. Interestingly, the development comes days after the United States regulatory watchdog announced that that they would increasingly monitor these types of products. Needless to say, the platform has been at the receiving end of severe backlash from the community.

Joey Krug, the co-CIO of Pantera Capital and co-founder of Augur said that even though he loves Uniswap, he said that the decision sets a bad example. Krug reiterated General Douglas MacArthur’s famous quote and claimed that this would not be the first case of defi censorship.

“History teaches with unmistakable emphasis that appeasement begets new and bloodier wars. It points to no single instance where this end has justified that means, where appeasement has led to more than a sham peace.”