Unibot has taken decisive action to address the aftermath of the October 31 hacking event. The decentralized trading platform has promised to compensate all impacted members fully.
Swift Response to the Exploit
The incident, which jeopardized a new router contract, resulted in illicit withdrawals from around 600 wallets, totaling over $600,000. In response, Unibot took immediate action to cease all trading activities related to the contract. The team also removed token approvals that could be used in the future. As a result of these decisive actions, additional losses were avoided.
The majority of the tokens, or 86%, were repurchased at market value. Unibot facilitated a complete recovery for cryptocurrencies such as Joe coin, which took a significant damage, with a $370K return. Other tokens, such as BCAT, TISM, DAVID, AIX, MSTR, and CHAINS, recovered completely. Notably, for tokens whose value plummeted at the time of the refund, such as MILK, Unibot guaranteed customers received compensation in ETH equal to the value at the time of the exploit. Tokens with lower market capitalization or liquidity received a full return in ETH plus a 20-35% bonus, illustrating Unibot’s determination to restore customer trust.
Unibot Update 🦄🤖
The token approval exploit we suffered on Oct 31 has been fully addressed and trading with Unibot is back to normal. As stated previously, the issue was solely related to trades made against a newly deployed router contract that was vulnerable to attack. The…
— Unibot (@TeamUnibot) November 2, 2023
Unibot Increases Trust
Unibot has announced a 0% transaction charge for the next 10 days in an effort to regain customer trust. Furthermore, beginning in November, token holders can receive a 3% revenue share, up from 2% previously. Unibot is also working with top-tier auditors to strengthen security measures and implement best practices to protect its users.
Read Also: OpenSea Shifts Focus to Foster OpenSea 2.0, Lays Off Employees
Unibot tokens experienced a large drop following the attack, falling from $55.67 to $35.94. The token’s value has fluctuated within this range in recent days, showing the market’s reaction to the occurrence.
Unibot, on the other hand, remains steadfast, gaining inspiration from Henry Ford’s remarks on learning from mistakes. The platform expresses a confident outlook on recovery, reflecting their past perseverance in the face of adversity.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.