UniSwap (UNI) In his statement, he is preparing to block some wallets on the platform.
A decentralized exchange (DEX) cryptocurrency platform will block wallets it thinks are linked to illegal activities.
Some Uniswap Users May Lose Access to Their Wallet
The platform, in its message published on its official website, stated that it aims to prevent criminal activities by collaborating with TRM Labs.
The platform said the following about which wallets can be blocked in this context:
“We only aim to block wallets that are clearly linked to illegal activities. These activities include sanctions, terrorist financing, hacked or stolen funds, ransomware, human trafficking, etc.”
However, although the platform says that the probability of making mistakes on this issue is low, a contact e-mail address has also been created so that users can appeal in case of any misunderstanding.
Uniswap also noted that privacy and data practices for existing users have not changed.
Is UNI in Trouble?
This step of the decentralized exchange platform comes after a number of class action lawsuits targeted them. In lawsuits filed by two US companies, it was alleged that the platform violated the country’s securities laws by selling unregistered securities under the name of digital tokens.
In one of the lawsuits, plaintiff Nessa Riley, a crypto investor based in North Carolina, claimed she lost $10,400 of her investment in EthereumMax, Matrix Samurai, and Rocket Bunny cryptocurrencies.
Plaintiff accused UniSwap of failing to adequately investigate its fraudulent users, known for their fake token listing. UNI is also accused of mediating rugpull and pump-dump fraud schemes.
*Not investment advice.