Uniswap has just recorded abnormal trading volumes. An anonymous developer discovered a method to tamper with the system. Barely 24 hours after successfully altering the volume, Delta.financial has shocked Uniswap, a top decentralized exchange.
Delta is a decentralized-finance (DeFi) protocol that removes volatility from options by stabilizing liquidity. An unidentified developer working with CORE, Delta’s creator, has circulated a smart contract that recorded almost $11 billion of trading volumes for just one token in a single day on the Uniswap exchange.
Uniswap info invalidated the Delta data
The inflated volume was supposed to be an unprecedented record in the history of the exchange. However, the record was short-lived because Uniswap Info, an analytics website, nullified the fake volume inserted by the anonymous Delta developer who tweeted with a handle tagged 0xRevert. He further threatened to continue attacking Uniswap until the exchange restored Delta’s trading history. “Everyone has the opportunity to create $20 billion trading volume,” he tweeted, demanding an apology from Uniswap for removing Delta’s “trading history.” The anonymous user further threatened to distort Uniswap’s data in the crypto community that values transparency.
DeFi, the short term for decentralized finance, is defined as protocols that enable users to trade financial instruments, borrow and lend money, receive interest, swap assets, and make several other transactions without involving banks or other financial institutions. Uniswap, an essential platform in Ethereum’s DeFi community, is among the top global decentralized exchanges.Uniswap, which has more than $4 billion in funds in the DeFi protocol as tradable cryptocurrencies, enables users to swap assets with other users directly without keeping their tokens with an intermediary such as Binance, Coinbase, or any other centralized crypto exchanges.
“You don’t blacklist Delta” token created
The inflated figure was removed to correct the errors from Delta’s liquidity rebasing operation. The minting cost of Delta token became high because it works together with Uniswap’s liquidity pool. Hence, It seems there are many trading activities ongoing on the Delta platform. As of writing this report, Delta has not yet replied to our email on the issue.
However, no sooner had Uniswap removed Delta volume data from its platform than an unknown developer with the handle 0xDevert, working with CORE, hacked Uniswap exchange to make it vulnerable to attacks by any individual. In his tweet, he declared that: “Anybody can now add $20 billion trading volume to their token.” After his tweet, Uniswap strangely recorded over $10 billion trading volume.
Later, a new token tagged “You don’t blacklist delta.financial” with the title “Ian Laphan fan token” made over $10.9 billion trading volume despite having only a single cent of liquidity. The name might be a mockery of Uniswap engineer Ian Lapham. The Delta anonymous developer didn’t end there. He promised to open source the contract to enable other people to generate “billions of liquidity” in their statistics. Meanwhile, while defending Uniswap.Info’s position, Adams referred to the continuous threats by 0xRevert as the dumbest way of approaching an issue. He reiterated Info’s resolve to always “filter out fake volumes” whenever it sees one.