UNI whales start selling tokens after Uniswap receives SEC notice, price drops to $9.27
As reported by CryptoPotato, UNI whales appeared to be in trouble and began dumping tokens after Uniswap received notice from the U.S. Securities and Exchange Commission (SEC) that it planned to take enforcement action against it. This news caused the price of UNI to drop to $9.27, with a monthly loss of more than 35%. Three major whales sold approximately 2.03 million tokens worth approximately $20 million, causing UNI prices to plunge by 17% in the past day, dragging the crypto asset to its lowest point in two months.
Furthermore, Uniswap maintains that its protocol, web application and related wallet infrastructure do not fall within the legal definition of a stock exchange or broker. Uniswap founder Hayden Adams said he was "annoyed" and "disappointed" but ready to fight. He also said that Uniswap has done a "far better job" than regulators in its tasks of "protecting investors, maintaining a fair, orderly and efficient market, and promoting capital formation."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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