Shitcoin, when you seduce us – Uniswap is the largest decentralized exchange platform inEthereum (ETH). Despite its open source nature, it seems that some users have trouble understanding the cogs of its operation… so that a clown class action lawsuit was filed against Uniswap in the District of New York.
All in on shitcoins: a dream gone up in smoke
Imagine being able to sue a betting site, claiming that the teams you bet on are poor and that the result does not suit you. A completely clownish situation, we grant, which however is taking place in the United States.
Thus, we have Nessa Risleywhich is interested in cryptocurrencies and is taking the plunge by buying various altcoins through the decentralized exchange Uniswap. Obviously, Nessa Risley is only interested in one thing: profit. So why learn the notions of risk management or the concept of diversification?
Be that as it may, armed with its $10,400Nessa Risley goes for it and selects several low cap cryptocurrencies, because“you never know, it could become the next Bitcoin”.
Spoiler: she picked the worst shitcoins Uniswap has carried.
Concretely, it splits its investment between several projects whose names leave no doubt about their future success: EthereumMax, Matrix Samurai, Rocket Bunny, Alphawolf Finance, Bezoge Earth and BoomBaby. You’ve never heard of it ? It’s normal, these are low level shitcoins.
Not surprisingly, Nessa Risley sees her investment melt like snow in the sun. Indeed, most projects have no real development objective. Some even border on outright scams.
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Nessa Risley launches class action lawsuit against Uniswap
Nessa Risley’s story could have ended there, as it did for many investors new to the cryptocurrency ecosystem. But no ! This situation was not acceptable.
The latter then held that the fault lay with Uniswapan exchange platform which, as we recall, is decentralized and on which anyone can put their token up for sale, even the creator of the Rocket Bunny.
Once the culprit was found, the victim turned to American justice and started a lawsuit against Uniswap and its investors in the form of a class action. In fact, the complaint has several axes. First, she accuses Uniswap of selling securities unregistered :
“This action stems from the illegal promotion, offering and sale of unregistered securities on this market, in the form of cryptocurrencies. »
Secondly, it criticizes Uniswap for miss checks to access the platform. It looks like someone misunderstood the concept of free, open, and decentralized.
“Uniswap has no barrier to entry for users looking to trade – or swap – cryptocurrencies on the platform. Uniswap does not require any verification of an individual’s identity or any ‘know your customer’ process. This combination resulted in widespread fraud on the stock exchange. »
Still, Uniswap has several safety nets. To begin with, when adding a “exotic” contractUniswap displays a message ofWarning recalling the risks involved. In addition, the platform performs, on a regular basis, a sorting of tokens accessible via its interface.
Be that as it may, this appeal has unlikely to succeed, so much it is lunar. Let’s hope, however, that this does not give grist to regulators at the SECwhich keep an eye on the Uniswap platform.
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