Many different wallets are blocked from using Uniswap after completing the lock process. The altcoin project will ban all wallets linked to illegal activities.
Some users may lose access to wallets
As part of the “Address Screening FAQ” section posted on its official website, Uniswap explains that it plans to combat illegal activity by working with TRM Labs to conduct investigations. An excerpt from the company’s website reveals the number of wallets that can be restricted:
Our aim is to engage in clearly illegal activities such as sanctions, terrorism financing, hacked or stolen funds, ransomware, human trafficking and child sexual exploitation material (CSAM). to restrict access to associated wallets.
In addition, Uniswap said that previously disabled apps were linked to illegal activities. No errors found by platform. It did, however, provide a way for customers to inquire. For existing customers, Uniswap also said that their privacy and data policies have not changed.
What awaits altcoin investors?
Uniswap was recently the target of a class action lawsuit. Two American law firms, Kim and Serritella LLP and Barton LLP, have filed lawsuits alleging that Uniswap violated securities regulations by selling cryptocurrencies that are truly securities. Nessa Riley, a crypto investor from North Carolina, claims to have lost $10,400 on her investments in three of the most popular cryptocurrencies, EthereumMax, Matrix Samurai, and Rocket Bunny. He argues that Uniswap has not thoroughly investigated people known to advertise fake cryptocurrencies on the market.
In addition, Uniswap has allegedly helped facilitate rug pull and pump and dump scams. As a result, the altcoin project may soon be sued.
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