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Why did the decentralized trading platform ban 253 wallets?

 

Uniswap has blocked 253 encrypted wallet addresses, according to data shown on GitHub. This was the first time Uniswap had shared information about something like this, along with more information about its methodology. Decentralized trading platform Uniswap blocked 253 crypto addresses within four months of working with blockchain analytics firm TRM Labs.


This was the first time that Uniswap disclosed data about the blacklist of crypto wallets.


The addresses were mostly blocked due to their connection to stolen money or coin-mixing services such as Tornado Cash, which were recently sanctioned by the US Treasury.


The data was posted to GitHub by Uniswap software engineer Jordan Frankfurt, and according to lead developer Yearn Finance Banteg who saved the data in a thread on twitter and on GitHub. He said: We've reached out to Frankfurt and Uniswap for comment and will update this article if we get a response.


There are three basic things that make up Uniswap: a software that runs on a blockchain that anyone can interact with, a front-end website that provides the only way for users to interact with the software, and a US-based company that develops the protocol and operates the front-end website. Therefore, cipher addresses are blocked at the front-end level.


Uniswap teamed up with TRM Labs in April. The site is programmed so that when someone interacts with Uniswap, their address is sent to TRM Labs, which will determine their level of risk. But it remains up to Uniswap to determine the appropriate levels of risk for it.


According to Frankfurt comments on GitHub, Uniswap initially banned addresses that were indirectly linked to sanctioned addresses, but has since scaled back the list. Now only addresses that have been sanctioned or have received stolen money from hacks are directly blocked.


TRM Labs is checking addresses for seven categories of illegal activity, according to a scheme shared on GitHub. The main four that are usually flagged are money stolen, money from sanctioned coin mixers, sanctioned addresses, and money from known scams. The remaining categories are child sexual abuse-related funds, funds from known hacker groups, and funds used to finance terrorism.


Banteg noted that 30 of the addresses were associated with ENS names, which are user-readable names used to facilitate sending crypto payments to those wallets. Banteg believes that most of them may have been legal users.

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