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Crypto exchange Uniswap blacklists 253 crypto addresses after threat level information shared by TRM Labs

On August 20, Jordan Frankfurt, a software engineer at cryptocurrency exchange Uniswap, announced on Github that after 4 months of collaborating with blockchain analytics company TRM Labs, Uniswap has blacklisted 253 crypto addresses. In April, Uniswap collaborated with TRM Labs and after the collaboration, TRM lab provided threat-level information to Uniswap about people coming to the Uniswap site. This is done via sharing of IP addresses to TRM Labs. However, it is up to Uniswap to choose what threat limits it is willing to accept. 

Blocking of crypto addresses involved in scams

The currently blocked addresses were largely restricted due to ties with funds stolen or transactional mixing providers like Tornado Cash, whom the US Treasury subsequently banned.

Uniswap first blacklisted addresses which were tangentially tied to blacklisted addresses, as per Frankfurt’s remarks on GitHub, but has recently cut that down. It now exclusively bans addresses which have been blacklisted or who have received directly hijacked or thieved payments.

TRM Labs finding for illicit activities 

TRM Labs examines the addresses of seven types of illicit activities. Stolen funds, monies from a transaction mixer, blacklisted addresses, and assets from a recognized fraud are the four most usually reported. The remaining types include sexual abuse of children content, funds from recognized hacking organizations, and monies used to finance terrorists.

Uniswap components

Uniswap is made up of 3 main components: code operating on the blockchain that anybody can engage with, a front-end site which allows users to connect with the software in one form, and a US-based firm which builds the system and administers the front-end site. Limiting crypto addresses occurs at the front end.

Banteg stated that 30 of the addresses had ENS names, which are human-readable words designed to make it simpler to transmit cryptocurrency payments to such wallets. Banteg believed the majority of them were authentic users.

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