Uniswap Foundation, the team responsible for supporting the Uniswap (UNI) protocol and ecosystem, has come under scrutiny recently amid the foundation’s massive sale of the ecosystem’s native tokens.

In a recent post on the X (formerly Twitter), the renowned on-chain resource Lookonchain disclosed that the Uniswap Foundation moved 6.8 million UNI tokens worth $29.16 million to a new wallet. The team also moved parts of the UNI coins to FalconX, a crypto brokerage and digital asset trading platform.

Note that #Uniswap Foundation transferred 6.8M $UNI($29.16M) to a new address and #FalconX 30 minutes ago.

Uniswap Foundation dumped 3M $UNI ($13M) via #Kraken deposit address of #Wintermute yesterday after $UNI rose.

Watch for another sell-off!https://t.co/KFGHYCc6wu pic.twitter.com/IcBry2RlhB

— Lookonchain (@lookonchain) October 25, 2023

Furthermore, Lookonchain noted that the Uniswap Foundation sold off three million units of UNI worth $13 million through the Kraken exchange deposit address of automated market maker Wintermute. According to the market tracker, the Uniswap team orchestrated the sale after UNI tokens saw notable gains yesterday.

In a similar thread, PeckShieldAlert, a well-known market risk tracker, noted that the Uniswap Foundation had transferred nearly ten million UNI tokens from its custody wallet in the past three days to four different addresses. Cumulatively, the number of UNI tokens the foundation has potentially sold is approximately $43.3 million.

Meanwhile, Blockchain Explorer suggested that, prior to the Uniswap Foundation’s outflow of significant UNI tokens, it received 10,685,984 UNI from a wallet tagged “Uniswap V2: UNI Timeblock.” The inflow came in on October 20.

Furthermore, Etherscan indicated that the Uniswap Foundation last moved a significant amount of UNI tokens nearly a year ago. Also, it showed the foundation’s wallet has barely moved out a substantial amount of tokens in the past two years. This recent transfer surge has raised eyebrows about the motive behind the UNI token sales.

At the time of reporting, the Uniswap Foundation has not commented on the X (formerly Twitter) concerning the recent outflows of UNI coins.

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