• bitcoin
    Bitcoin(BTC)
    $0.00 4.63%24H
  • ethereum
    Ethereum(ETH)
    $0.00 7.65%24H
  • binance-coin
    Binance Coin(BNB)
    $0.00 8.29%24H
  • usd-coin
    USD Coin(USDC)
    $0.00 -0.04%24H
  • cardano
    Cardano(ADA)
    $0.00 5.58%24H
  • chainlink
    Chainlink(LINK)
    $0.00 7.66%24H
  • bitcoin-cash
    Bitcoin Cash(BCH)
    $0.00 5.04%24H
  • stellar
    Stellar(XLM)
    $0.00 4.19%24H
  • vechain
    VeChain(VET)
    $0.00 7.84%24H
  • tezos
    Tezos(XTZ)
    $0.00 5.65%24H
  • eosdac
    eosDAC(EOSDAC)
    $0.00 3.34%24H
Crypto Currency Bazaar 4u: Today’s Latest Worldwide News on Cryptocurrency Market delivered to the last minute, Live Crypto Price Data and Indexes, Crypto Investment & Finance opportunities & Blockchain projects, Global Crypto Classifieds
  • INVESTMENTS
    • Crypto General
    • Masternodes
    • Mining Projects
    • NFTS Investments
    • Invest In ICO
    • Exchanges
    • Staking Yeild Farming
  • WORLD
  • USA
  • CANADA
  • JAPAN
  • UK
  • UAE
  • INDIA
  • MORE
    • BRAZIL
    • AUSTRALIA
    • EL SALVADOR
    • CENTRAL AMERCIA
    • SOUTH AMERICA
    • AFRICA
    • EUROPE
    • ASIA
    • OCEANIA
    • ICO
  • Login
  • BLOCKCHAIN
  • BITCOIN
  • ETHEREUM
  • NFTS
  • ALTCOIN
  • MINING
  • VIDEOS
  • LIVERATES
  • SHOP
  • CLASSIFIEDS
  • ADVERTISE
  • SUBMIT PRESS RELEASE
HealthNews
No Result
View All Result
Home CANADA

Concerns raised as $10 million in Uniswap tokens got sold after alleged ‘insider’ proposal

CB4U by CB4U
January 3, 2022
in CANADA
0
Concerns raised as $10 million in Uniswap tokens got sold after alleged ‘insider’ proposal
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

The new policy organization, DeFi Education Fund, focused on promoting decentralized finance (DeFi) education and advocacy were supported through the Ethereum (ETH) DeFi protocol Uniswap and it deployed half of the funds received from the protocol’s treasury in a single transaction.

The fund was formed with 1 million Uniswap (UNI), after receiving support from the protocol’s governance token holders in a recent vote, with 79.7 million UNI voting in favor and 15.0 million votes against.

The DeFi Education Fund

The recently funded organization announced it had turned 500,000 UNI, worth roughly $10 million, into USD Coin (USDC) in a single trade facilitated by institutional OTC cryptocurrency firm Genesis Trading.

With the help of @GenesisTrading, we sold 500k UNI for ~$10.2M USDC in order to fund the efforts of the Defi Education Fund.

In the next 24 hours, we will be sending 500k UNI to Genesis and receiving ~$10.2M USDC in return.

— Defi Education Fund (@fund_defi) July 12, 2021

Since many of the supporters of the proposal were large wallets, the announcement rapidly encountered criticism.

The announcement was made via a suspiciously empty Twitter account with no avatar picture and without any further details about how the proceeds will be used, which led to further skepticism regarding the transaction.

Research analyst Igor Igamberdiev pointed out that Larry Sukernik, one of the seven multi-signers for the DeFi Education Fund, sold $50,000 worth of UNI from his own wallet several hours before the fund’s $10 million sale.

1/3

Looks like Larry Sukernik, one of the multi signers behind the $20M DeFi education fund, dumped UNI five hours before the $10M OTC sale. pic.twitter.com/JWlxZC2L4Q

— Igor Igamberdiev (@FrankResearcher) July 13, 2021

The Defi Education Fund committee member responded by saying he agrees with “some of the blowback,” adding that the UNI he sold out of his address was from a grant a group of his colleagues received a few weeks back and as he *just* noticed it, he sold it for USD Coin to send it to people.

According to him “the UNI for DEF was already sold by the time of the above sale” and he didn’t send the USD Coin to anyone, as he is “still waiting on people to share addresses.”

On-chain history doesn’t tell the full story ?

1. The UNI I sold out of my address was from a grant a group of us received a few weeks back. *Just* noticed we received it so sold it for USDC to send it to people

2. The UNI for DEF was already sold by the time of the above sale

— Larry Sukernik (@lsukernik) July 13, 2021

Others, however, are still pointing to concerns regarding Uniswap’s lack of decentralization.

https://t.co/LeDKSw4ipw

TBF, the group who sold are proxies of the stakeholders who voted$UNI decision making is at the mercy of insiders pic.twitter.com/WKPOTDiR9Y

— TΞtranodΞ (@Tetranode) July 13, 2021

Uniswap’s degree of decentralization under spotlight

Uniswap’s token UNI was launched in September last year and as a governance token, it’s supposed to enable holders to dictate the direction of the protocol:

Due to delegate voting pools and a quorum of 4% of tokens required to pass a proposal, the majority of UNI holders have significantly restricted voting power in comparison to the team and investors.

Source: Uniswap.

While Uniswap’s degree of decentralization comes under the spotlight, UNI currently trades around $18.89, down roughly 3,62% in the past 24 hours.

Quadency

CryptoSlate Newsletter

Featuring a summary of the most important daily stories in the world of crypto, DeFi, NFTs and more.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Advertisement Banner
Previous Post

Theta Labs’ Wes Levitt on TFUEL and the future of NFTs in 2022

Next Post

SEC Working Out ICO Regulation With HoweyCoin

CB4U

CB4U

Next Post
SEC Working Out ICO Regulation With HoweyCoin

SEC Working Out ICO Regulation With HoweyCoin

Discussion about this post

RECOMMENDED

Canada’s Purpose Bitcoin ETF Is Heavily Accumulating the Bitcoin Dip

‪Bitcoin Purpose ETFs Holdings Records A Meteoric Rise ; What Is Driving The Change?

12 months ago
Bitcoin ATMs On The Rise In Canada

$3 Billion in Bitcoin Left Exchanges This Past Week

2 months ago

DON'T MISS

US Federal Reserve, FDIC warn banks against crypto risks

Federal Reserve denies membership to crypto adjacent bank Custodia

January 27, 2023
Hope for Spot BTC ETF Grows Stronger After DEFI Launch Under the Securities Act 

Ark 21Shares Bitcoin ETF Rejected by the SEC Once Again

January 27, 2023
NFT Collection Ember Sword Land Price, Stats, and Review

NFT Collection Ember Sword Land Price, Stats, and Review

January 27, 2023
FTX Lawyers Attempt to Question Bankman-Fried’s Family and Inner Circle for Financial Insight – Bitcoin News

FTX Lawyers Attempt to Question Bankman-Fried’s Family and Inner Circle for Financial Insight – Bitcoin News

January 27, 2023
Crypto Currency Bazaar 4u: Today’s Latest Worldwide News on Cryptocurrency Market delivered to the last minute, Live Crypto Price Data and Indexes, Crypto Investment & Finance opportunities & Blockchain projects, Global Crypto Classifieds

The Cryptocurrency Bazaar 4U was founded in 2020 for providing the most trusted information for the Crypto enthusiasts covering a broad range of news about blockchain technology, cryptocurrency assets, emerging fintech trends in the decentralized space, and other related wide array of information surrounding this emerging technology.Our team provides the most up-to-date and accurate news from different sources in this space comprising of unbiased news, in-depth analytics, detailed cryptocurrency price charts, and insightful opinion pieces is the basis of our editorial content.

POPULAR POSTS

US Federal Reserve, FDIC warn banks against crypto risks

Federal Reserve denies membership to crypto adjacent bank Custodia

January 27, 2023
Hope for Spot BTC ETF Grows Stronger After DEFI Launch Under the Securities Act 

Ark 21Shares Bitcoin ETF Rejected by the SEC Once Again

January 27, 2023
NFT Collection Ember Sword Land Price, Stats, and Review

NFT Collection Ember Sword Land Price, Stats, and Review

January 27, 2023

Categories

  • AFRICA
  • ALTCOIN
  • ASIA
  • AUSTRALIA
  • BITCOIN
  • BLOCKCHAIN
  • BRAZIL
  • CANADA
  • CENTRAL AMERCIA
  • CRYPTO GENERAL
  • EL SALVADOR
  • ETHEREUM
  • EUROPE
  • EXCHANGES
  • ICO
  • INDIA
  • INVERST IN ICO
  • INVESTMENTS
  • JAPAN
  • MASTERNODES
  • MINING
  • MINING PROJECTS
  • NFTS
  • NFTS INVESTMENTS
  • OCEANIA
  • SINGAPORE
  • SOUTH AMERICA
  • STAKING & YEILD FARMING
  • UAE
  • UK
  • Uncategorized
  • USA
  • VIDEOS
  • WORLD
  • CONTACT US
  • DISCLAIMER
  • PRIVACY POLICY
  • ABOUT US
  • CLASSIFIED
  • ADVERTISE
  • SUBMIT PRESS RELEASE

© cryptocurrencybazaar4u.io

No Result
View All Result
  • BLOCKCHAIN
  • BITCOIN
  • ETHEREUM
  • NFTS
  • ALTCOIN
  • MINING
  • VIDEOS
  • LIVERATES
  • SHOP
  • CLASSIFIEDS
  • ADVERTISE
  • SUBMIT PRESS RELEASE

© cryptocurrencybazaar4u.io

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoin
    Bitcoin(BTC)
    $0.00 4.63%24H
  • ethereum
    Ethereum(ETH)
    $0.00 7.65%24H
  • binance-coin
    Binance Coin(BNB)
    $0.00 8.29%24H
  • usd-coin
    USD Coin(USDC)
    $0.00 -0.04%24H
  • cardano
    Cardano(ADA)
    $0.00 5.58%24H
  • chainlink
    Chainlink(LINK)
    $0.00 7.66%24H
  • bitcoin-cash
    Bitcoin Cash(BCH)
    $0.00 5.04%24H
  • stellar
    Stellar(XLM)
    $0.00 4.19%24H
  • vechain
    VeChain(VET)
    $0.00 7.84%24H
  • tezos
    Tezos(XTZ)
    $0.00 5.65%24H
  • eosdac
    eosDAC(EOSDAC)
    $0.00 3.34%24H
en English
en Englishja Japaneseko Koreantl Filipinovi Vietnamesehi Hindibn Bengalita Tamilzu Zulusw Swahilide Germanfr Frenches Spanishpt Portugueseru Russian