CZ Binance Says Uniswap Is “Hacked” But Turns Out To Be A “False Alarm”

The cryptocurrency neighborhood had a “heart attack” on the morning of July twelve when the Binance CEO announced that the DEX Uniswap platform had been hacked.

CZ Binance claimed that Uniswap was “hacked”, but it turned out to be a “false alarm”. Photo: Bloomberg

In a Twitter submit at 05:35 am on July twelve, cryptocurrency exchange Binance CEO Changpeng Zhao stated that the Uniswap DEX platform has located a vulnerability and a substantial quantity of ETH is getting mined.

“Our safety unit identified a vulnerability for Uniswap v3 on Ethereum. Hackers have stolen additional than 4295 ETH and are laundering funds through Tornado Cash. Can any one make contact with Uniswap? We can assistance. Thank you.”

Looking at the wallet tackle presented by Binance’s CEO, it can be observed that the hacker withdrew additional than seven,574 ETH from Uniswap, well worth practically $ eight.five million at the time of discovery. The total quantity was laundered by the hacker through Tornado Cash.

Immediately following CZ’s submit, the rate of Uniswap (UNI) plummeted 21% as the DeFi neighborhood spread rumors that the “pillar” of the Ethereum ecosystem may possibly have been hacked.

Since the launch of Uniswap v3 in May 2021, Uniswap’s distinctive place in the DEX array has been adamant. According to information from Dune Analytics, in the final 24 hrs, Uniswap recorded a trading volume of more than 818 million bucks, equal to 63.five% of the market place share of DEX on Ethereum. Meanwhile, in contrast to other DEXs in the total cryptocurrency sector, Uniswap is also far ahead of the 24-hour volume of just $ 130 million of the 2nd-ranked PancakeSwap venture on BNB Chain.

Market share of the finest DEXs on Ethereum in the final 24 hrs. Source: Dune Analytics

However, Uniswap subsequently confirmed the venture no hole, the injury of which was brought about by a phishing assault, in which holders of NFTs representing liquidity tokens (LPs) had been tricked into approving a stolen transaction by hackers. Mr. Changpeng Zhao also shared a screenshot of the conversation with the Uniswap group. Uniswap CEO Hayden Adams also shared this information and facts.

UNI rates have also recovered somewhat, but are nevertheless shedding additional than eight% of their worth from 24 hrs in the past.

1h chart of the UNI / USDT pair on Binance Exchange at 08:forty on 07/twelve/2022

There has been a great deal of criticism from the cryptocurrency neighborhood that, as a main figure in the cryptocurrency sector, the Binance CEO really should investigate the matter extensively and open an offline communication channel with the Uniswap group prior to flip to Twitter to declare. venture was violated “, triggering panic in the market place.

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