CZ Warns Uniswap Hacked, But Only “False Positive”

The crypto community on the morning of July 12 was shocked when the CEO of Binance CZ announced that the DEX platform Uniswap had been hacked. However, it was only a false alarm when Uniswap confirmed it was still safe.

CZ makes Uniswap price wobble

In a Twitter post at 05:35 AM on July 12, CEO Changpeng Zhao of cryptocurrency exchange Binance said that the Uniswap DEX platform has encountered a vulnerability and is being extracted a large amount of ETH.

Observing the wallet address provided by the CEO of Binance, it can be seen that the hacker has withdrawn more than 7,574 ETH from Uniswap, worth nearly $8.5 million at the time of discovery. The entire amount was laundered by the hacker through Tornado Cash.

Immediately after CZ’s post, the price of Uniswap (UNI) plunged 21% as the DeFi community spread the word that the “pillar” of the Ethereum ecosystem may have been hacked.

However, Uniswap later confirmed that the project did not have a vulnerability, but that the damage came from a phishing attack plot in which NFT holders representing liquidity tokens (LPs) were tricked by hackers. Approve money theft transactions Mr. Changpeng Zhao also shared a screenshot of the conversation with the Uniswap team. Uniswap CEO Hayden Adams also shared this information.

Besides that, PeckShield said it might be a false positive: They are normal operations on collecting fees and withdrawing the liquidity of positions and due to the phishing attempts.

After re-verifying the price information of Uniswap has stabilized again.

On the community side, there is also some feedback that as a leading figure in the crypto industry, the CEO of Binance CZ should thoroughly investigate the matter and open an offline communication channel with the Uniswap team before taking to Twitter to declare. “the project has been hacked”, causing panic in the market.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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