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HomeNewsBusinessWeb3 projects prefer to get hacked than paying bounties

Web3 projects prefer to get hacked than paying bounties

Dispersed exchange With the help of Moonpay, a fintech business, customers of Uniswap’s web app may now purchase cryptocurrencies using bank transfers, debit cards, and credit cards. The bank transfer option is being made available to customers in the majority of US states, Brazil, the UK, and the Single Euro Payments Area, or SEPA.

Decentralized exchanges (DEX) have built-in user protection, self-custodial wallets, permissionless, immutable protocols, and transparent public ledgers, according to Uniswap, making them a considerably safer alternative than centralised exchanges (CEX). For now, Uniswap will support Dai and Wrapped.

According to the Dec. 20 statement from Uniswap, customers will soon be able to quickly exchange cash for cryptocurrencies on the Ethereum mainnet, Polygon, Optimism, and Artibrum.

The company acknowledged that despite the dangers involved, customers still prefer CEXs and that the onboarding process for decentralised finance (DeFi) has been a significant barrier to adoption. With “no spread costs on USDC, lowest processing fees in the market, and rapid access,” Uniswap anticipates that its most recent deployment will enhance the onboarding process.

The community reacted negatively to Uniswap’s decision to update its privacy policy to include the gathering and storage of user data, which for many goes against the fundamental principles of cryptocurrency, according to a story from Cointelegraph on November 22.

The news from Uniswap comes at a time when a number of centralised cryptocurrency systems have failed, the most recent of which was FTX.

The exchange will gather data on user interactions with its service providers, information about user devices such browser information and operating systems, and publicly available blockchain data, according to the privacy policy, which was amended on November 17.

News Summary:

  • Web3 projects prefer to get hacked than paying bounties
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