Uniswap (UNI) price spooked on Wednesday, April 10, falling as much as 15% within hours of receiving the Wells Notice from the US SEC. The altcoin price is trading at $9.42, down 15.39%, with a market cap of $5.61 billion. Moreover, daily trading volume also skyrocketed during the same period, exceeding $680 million.
As we reported as Koinfinans.com, the news that the SEC may file a lawsuit against UNI and Uniswap triggered a wave of sales.
Lookonchain claimed that three major holders disposed of a total of 2.03 million UNI tokens ($20 million), leading to a decrease of approximately 17% in the price of UNI. lasted.
whitzardflow.eth was liquidated 107,010 $UNI($1M) 1 hour ago.
NEWS CONTINUES BELOWHe bought 262,045 $UNI($3M) from Mar 1 to Mar 13 at $11.42 and deposited it into #Aavethen borrowed $1.8M of stablecoins.
Due to the decrease in $UNI price, he was liquidated 107,010 $UNI($1M) to repay the debt and… pic.twitter.com/6mRg8sL3YE
NEWS CONTINUES BELOW— Lookonchain (@lookonchain) April 11, 2024
In particular, 0x2F8b and 0x3555 wallets have the potential to earn approximately $3.5 million if sold by transferring the 1.25 million Uniswap tokens ($11.7 million) they received from Binance on March 3, 2023 to Binance about an hour ago.
Similarly, wallet 0x4A0B sold 472,691 UNI tokens at 9.71 USD for 4.59 million USDC about seven hours ago, making a profit of 1.67 million USD. In addition, six wallets moved 316,430 UNI tokens (worth 3.16 million USD) to Binance. Additionally, according to Lookonchain, whitzardflow.eth held a liquidation event about an hour ago, selling 107,010 UNI tokens worth $1 million.
As soon as the US SEC issued a Wells notice to Uniswap, founder Hayden Adams shared his views on the X platform, stating that he expected the legal battle to continue for years.
Adams expressed disappointment with the recent SEC actions, highlighting his concerns about protecting consumer interests and pointing out the harms of prioritizing opaque systems. He stated that he cares about the upcoming fight with regulators, voicing the need to defend Uniswap and the industry in general. Pointing to a long-running legal struggle, Adams emphasized that the outcome of this conflict could deeply affect the future of financial technology and the industry, and suggested that it could even reach the highest judicial authority.
