Uniswap Reports Phishing Scam, As UNI Records 10% Profit In 24 Hours

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. 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...