Uniswap’s (UNI) price has been moving in opposition to the overall market sentiment. As Bitcoin, Ethereum, and larger cryptocurrencies give out their last week’s gains, UNI’s price remains impervious and maintains bullish momentum.
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Uniswap, (UNI), trades at $5.7%. The company has a 10% and 32% respectively over the previous 7 days. In smaller timeframes, UNI’s price has begun to weaken as it displays a 3% loss in the past day.
A phishing scam caused millions of dollars of losses for liquidity providers using the platform yesterday. Via its Twitter account, Uniswap Labs confirmed the attack and called it a “problem far too common in crypto today”.
Because of ongoing rumors regarding an exploit to the Uniswap v3 Platform, the company addressed this matter. The company confirmed the phishing attack, however claimed that no exploit was ever carried out.
As they explained, liquidity providers on the platform received “malicious tokens” via airdrops which pointed them to a “malicious interface”. This phishing scam was used to lure users into falling for it. They were offered the chance of swapping their tokens for UNI. This was the explanation from the company:
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.
According to the company, users should be aware of potential phishing attacks coming from domains not affiliated with unswap.org. Hayden Adams, creator of Uniswap said that there are likely future mitigation measures.
To protect the users, there are many things that can be done on the UI layer (wallets or other interfaces). For example, by default hide all unknown tokens with URLs 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. A series of acquisitions and partnerships could explain the bullish trend in price.
Uniswap Labs has announced purchaseGenie is a non-fungible token (NFT), marketplace aggregator. The platform will be able to trade these digital assets.
A new API will allow developers to use Uniswap to develop applications and to trade cryptocurrency and NFTs. Thus, making the protocol a “comprehensive platform for users and builders in Web3.
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A future USDC airdrop was included in the acquisition to all users who traded on the platform prior April 15, 2022 and GENIE NFT owners. 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.