Earlier this week, a class action lawsuit was filed against decentralized exchange Uniswap (UNI) for allegedly selling unregistered securities and failing to disclose these risks to its users.
An American Uniswap user, Nessa Risley, invested in EthereumMax, Matrix Samurai and Rocket Bunny between May and July of last year. Having invested around $10,400 in these low-capital digital tokens, Risley sued Uniswap, claiming he suffered “significant losses” as a result of his investment.
A class action lawsuit has been filed against Uniswap
It is alleged that Uniswap caused fraud due to its lack of identity check and its fee structure. In the 68-page lawsuit petition, along with Uniswap founder Hayden Adams, investors of the stock market Paradigm, Andreessen Horowitz and Union Square are also accused.
Claiming that Uniswap was not registered with the SEC when it should have been registered, Risley said that fraudsters made ‘pump-dump’ transactions with the Uniswap protocol, and that he and other users lost money due to these malicious people, and that Uniswap Labs did not do enough to prevent fraudulent activities. brings.
The lawsuit, filed by Kim & Serritella LLP and Barton LLP, aims to turn victims like Risley, who has lost money on Uniswap since last April, into a class action lawsuit against the platform’s founders and developers.
SEC Begins Examining Uniswap
Although the SEC has studies on the regulation of decentralized exchanges, it remains unclear how the Court will decide against the stock market. Last year, SEC Chairman Gary Gensler said, “Decentralized finance is unthinkable outside of regulation. Some platforms act like companies licensed from the SEC,” he said, and it was later revealed that the SEC started an investigation for Uniswap Labs.
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