Uniswap Founders Offload Millions of UNI Tokens to Coinbase Prime

IconCryptoNewsTerminal Staff03 Jul, 2024

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Uniswap Founders Offload Millions of UNI Tokens to Coinbase Prime

Uniswap, the leading decentralized exchange, has been in the news recently as its founders allegedly moved millions of UNI tokens to Coinbase Prime. According to on-chain analyst EmberCN, an address believed to be owned by the Uniswap team or early investors/advisors moved 2.359M UNI ($20.2M) to Coinbase Prime six hours ago. The address in question reportedly received 9M UNI during Uniswap's token distribution in 2020 and currently holds 6.64M UNI ($56.77M). This move has raised concerns among some in the cryptocurrency community, who believe that it could be a sign that the Uniswap team is cashing out on their investment. However, it is also possible that the team is simply moving the tokens to a more secure or convenient location. Only time will tell what the true intentions behind this move are.

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