Uniswap Price Prediction: Impact of the Recent Cyberattack on UNI Price

The Uniswap price is up by a percentage point, despite reports indicating the platform had been compromised and cybercriminals had made away with over $8 million worth of ether. 

A series of Tweets posted by MetaMask security researcher “harry.eth” on Monday showed that cybercriminals used phishing to bait 74,800 wallet addresses connected to Uniswap with an airdrop. In addition, the tweets showed that the affected users were sent malicious tokens that masqueraded as UNI token airdrops awarded to users based on their liquidity pool positions. 

Unfortunately, some accounts fell victim to the phishing attempt, including one large account with over $8 million. According to reports, the account’s ether tokens worth $8 million were transferred to cybercriminals when the user interacted with the phishing message. 

Uniswap had also come under fire early yesterday when Binance CEO Changpeng ‘CZ’ Zhao, erroneously tweeted about a potential exploit in Uniswap V3. Although he later clarified that the attack he was talking about involved a phishing campaign, many Uniswap users criticised him for almost causing a panic in the markets. 

For instance, ChainLinkGod.eth, a community ambassador of ChainLink, called CZ irresponsible for tweeting the unverified reports. He argued that such misinformation has a tendency to spread fast, which could have caused a lot of damage to the markets. 

Uniswap Price Prediction

Following a day that was filled with big headlines about the Uniswap cyberattack, today’s prices have remained relatively stable, going up by a percentage point. However, having hit the $6 resistance level and failed to establish a long-term bullish trend, my Uniswap price prediction remains to the downside.

Therefore, I expect the prices to continue dropping, with a high likelihood that we will see prices hit the $4.6 support level. I also expect a possible trade below the support level. My trade will, however, be invalidated if prices move past this month’s price high of $6.6.

Uniswap Daily Chart