Uniswap DeFi Fund dumped $10 Million UNI Tokens
Uniswap’s DeFi Education Fund said it has transferred half of its tokens to stablecoins.
According to the Fund, it sold 500,000 UNI tokens for USDC stablecoins worth $10.2 million.
This news made members of the crypto community question the true decentralization of Uniswap and the purpose of creating the fund itself.
Even more, negativity emerged after the news that Larry Sukernik from Uniswap sold 2,612 UNI tokens for 50,000 USDC just five hours before the aforementioned $10.2 million token sales. However, Sukernik himself stated that he was selling funds from the grant received a few weeks earlier.
As you know, in May 2021, the student organization Harvard Law Blockchain and Fintech Initiative (HLBFI), focused on popularizing blockchain technologies, took the initiative to create an educational fund.
It was supposed to create a fund with a capital of about 1-1.5 million UNI to support educational initiatives and lobby for the interests of the DeFi sector.