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DeFi Education Fund Slammed for Dumping $10M Worth of Uniswap

DeFi Education Fund Slammed for Dumping $10M Worth of Uniswap
  • DeFi Education Fund has been slammed for selling its Uniswap tokens for $10 million.
  • This move has raised questions over the group’s motives.

The DeFi Education Fund has been slammed for selling half of its Uniswap tokens for $10 million. The firm was established following a Uniswap governance proposal.

According to the Twitter account of the newly formed Decentralized Finance Education Fund, they sold 500k UNI for around $10.2 million USDC. The firm noted that this action is to fund the efforts of the Defi Education Fund.

Moreover, DeFi Education Fund said that they were able to sell the tokens with the help of Genesis Trading. Genesis Trading describes itself as a global leader in institutional digital asset markets and digital currency prime brokerage services.

DeFi Education Fund added,

In the next 24 hours, we will be sending 500k UNI to Genesis and receiving ~$10.2M USDC in return.

As per rumors, the $10 million had been allocated to the company as a gift from the Uniswap treasury. Uniswap treasury gave the group around $20 million worth of UNI.

However, this action triggered the crypto Twitter community to criticize the firm. Some stated that it is a lack of transparency as the community was not given prior signs of the transaction.

Moreover, some crypto experts also criticized the move. Also, they raised the lack of clarity as the news was posted on suspicious Twitter.

In addition, Igor Igamberdiev, a research analyst at The Block, also pointed out that one of the multi-signers for the DeFi Education Fund sold $50,000 worth of UNI from his wallet hours before the $10 million sales.

According to a crypto analyst, Harvard Law Blockchain & FinTech Initiative (HarvardLawBFI), a student group at Harvard Law proposed the fund. The proposal was to create a non-profit entity that would support the protocol from legal and regulatory threats. But the group sold half of the tokens in one transaction, observers have raised questions over the group’s motives.

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Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.