Theft of Tokens and Selling on Uniswap
An Ethereum wallet, suspected to be involved in the Multichain exploit, has been actively selling tokens on Uniswap. The wallet received funds from a “suspicious” address and has already sold $2.4 million worth of chainlink’s token (LINK) and $1.8 million worth of WOO Network (WOO) tokens. As a result, the price of WOO has slumped by 8%. The wallet also received deposits of $800,000 worth of CRV tokens and $870,000 worth of YFI, which are currently being sold on Uniswap.
Key Points:
- An Ethereum wallet funded by the Multichain exploit is selling tokens on Uniswap.
- The wallet received funds from a “suspicious” address tagged by etherscan.
- The sale of $2.4 million worth of LINK and $1.8 million worth of WOO tokens caused a slump in WOO’s price.
- The wallet also received $800,000 worth of CRV tokens and $870,000 worth of YFI, both of which are being sold on Uniswap.
- Multichain, the company behind the exploited bridging protocol, ceased operations after its CEO and his sister were detained by Chinese police.
Hot Take:
This incident highlights the risks associated with decentralized exchanges like Uniswap. It is crucial for investors to exercise caution and conduct thorough research before trading on such platforms. While they offer convenience and accessibility, the lack of regulatory oversight makes them vulnerable to exploitation and fraudulent activities. As the crypto industry continues to evolve, it is essential for users to stay informed and take necessary precautions to protect their investments.
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