Crypto exchange uniswap hit with an action for alleged misconduct

Crypto exchange uniswap hit with an action for alleged misconduct

a collective action against developer and risk capital of the decentralized exchange Uniswap claims because the protocol allows users to freely list and act token, its creators are responsible for "broken fraud on the stock exchange" and it must register as a broker dealer at the Financial Industry Authority (Finra).

The plaintiff In this case, Nessa Risley, a resident of North Carolina who claims to have bought OBSKURE ERC-20-tokens worth around 8,545 $ over in May and June 2021.

"Uniswap has not offered and sold not registered securities," claims the lawsuit, and consequently owe the people who have developed and financed the software who makes the exchange easier, everyone who has ever used it, a refund Uniswap.

The suit is called Hayden Adams, Uniswap’s Creator, as a defendant, together with Universal navigation Inc. LLC, the company he founded. Other defendants are the risk capital companies Paradigm, Andreessen Horowitz and Union Square ventures.

None of the accused answered the request.

The venture companies are mainly involved in the event of their participation in Adams' companies and their alleged participation in it, uniswap pools as liquidity providers who earn fees for trades carried out on the platform.

Universal Navigation issued ADAMS and Paradigm in 2019 stocks worth $ 1.8 million in Adams and paradigm, so a SEC-Environment . The company later collected $ 11 million from equity sales, options and option certificates to the other VC companies.

The suit is repeated the front-end user interface at App.uniswap.org acts. The latter, about which neither Adams nor paradigm nor does anyone have any other control-since they are not upgraded-enables the unrestricted creation of liquidity pools for Ethereum-based tokens.

The key to the claim of the lawsuit is the claim that Uniswap’s Use conditions is wrong if it is said: "We ... do not facilitate the execution or handling of your trades take place on the publicly distributed Ethereum blockchain. ”

Uniswap now has an average trading volume of around $ 1.79 billion per day, according to dune analytics .

The Swap widget offers a new access option uniswap

Everyone can build a uniswap user interface if you consider that their software is Open source . There are those who are operated by wallet providers such as Argent, Rainbow and Instadapp, as well as decentralized stock exchange agents such as 1inch, Paraswap and Zerion.

But none is actually required. With the right Technical knowledge with everyone who operates an Ethereum node directly. Intelligent contracts.

To make it easier to integrate the decentralized stock exchange (Dex) into their own apps and websites, uniswap.org presented a "swap-widget" in front of in a blog post from Thursday This allows users to "exchange seamlessly, join a community or DAO, pack up assets and much more without leaving their apps".

For example, open sea The use of the widget enables NFT-collector, token seamlessly for packaged ETH, which is necessary to buy non-fungal tokens (NFTS)

The widget supports all chains in which the Uniswap Protocol is available, including Arbitrum, Optimism and Polygon.

"We imagine a world in which every access has to fair, open and transparent markets. The swap-widget brings this vision of reality by enables developers to set a simple embedding," says the blog post.

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