Uniswap Labs Blocks Crypto Wallets From App’s Frontend

There are all kinds of interesting things happening in the crypto space and you can check out the latest reports below.

Uniswap Labs is the main developer of the Uniswap decentralized exchange protocol. According to the latest reports, it has begun blocking crypto wallet addresses that are found to be engaged in illegal activity from its app’s frontend.

It’s also important to mention the fact that Uniswap Labs teamed up with the blockchain analysis firm TRM Labs for this initiative, according to an FAQ section of its website that has been updated not too long ago.

TRM Labs flags crypto wallets for Uniswap that are likely to be linked to illegal behavior such as “sanctions, terrorism financing, hacked or stolen funds, ransomware, human trafficking, and child sexual abuse material.”

Another important issue that is worth mentioning is the fact that it is not very clear how many wallet addresses have been blocked by Uniswap thus far.

“We remain committed to developing products in a way that provides a safe, transparent, and robust financial infrastructure that can empower users around the world,” the firm said as quoted by the Block.

Uniswap Labs continued and said that it does not control TRM Labs or their independent determinations about risk categories and wallet addresses.

“Please also note that their determinations, or ours, are not being reported to law enforcement,” it added.

More than a year ago, we were revealing that the leading decentralized crypto exchange Uniswap (UNI) reported that it’s getting ready to launch a much-awaited upgrade.

Uniswap Labs said that it’s targeting to roll out Uniswap v3 on the Ethereum mainnet on May 5th with some features that will make the platform “the most flexible and capital-efficient automated market maker ever designed.”

Other than this, there are all kinds of optimistic crypto predictions out there despite the massive volatility of the market.