Unibot Fully Compensates Users Following Hacking Incident

  cryptopotato.com 32 m

In response to a substantial hacking incident on October 31, Unibot, a decentralized trading platform, has confirmed total compensation for users negatively impacted by the event.

Despite a recent decrease in the value of Unibot tokens, the company remains confident of a strong recovery.

Unibot Makes Traders Full

As per reports, the attack led to a loss of approximately $600K, which Unibot has fully covered, incurring a significant cost of $1.78M for the company. The exploit targeted a newly deployed router contract, resulting in the unauthorized withdrawal of tokens from around 600 affected wallets.

Once the attack was detected, the Unibot team swiftly took action, including suspending all trading activities associated with the vulnerable contract. Additionally, the network promptly revoked problematic token approvals to prevent further damage caused by the attack.

According to a statement released by Unibot, most of the lost tokens (86%) were purchased at market price, totaling 141 out of 164. Notably, tokens like Joe coin, which were heavily impacted, experienced a complete recovery, resulting in a refund of $370K. Similarly, tokens such as BCAT, TISM, DAVID, AIX, MSTR, and CHAINS recovered fully.

For tokens that suffered significant value declines at the time of the refund, like MILK, users were reimbursed with the equivalent ETH value based on the exploit’s timing. Additionally, tokens with low market capitalization or limited liquidity received full refunds in ETH along with an additional 20-35% bonus.

To compensate users and reinforce confidence and trust, the Unibot trading network announced a 0% transaction fee for the next ten days. Furthermore, starting in November, token holders will receive an increased revenue share of 3%, up from the previous 2%.

Moreover, the network has committed to collaborating with top-tier auditors to enhance security for new features and adopt industry-leading practices to safeguard its users.

Token Prices Depleting

Following the recent hack, the Unibot token has experienced significant declines. As news of the attack emerged, the token swiftly dropped from $55.67 to $35.94. Over the past three days, the token has consistently traded within that range.

Market data indicate a loss of approximately 10.88% in the token’s value within the last 24 hours.

Reflecting on the situation, Unibot quotes the wise words of Henry Ford: “The only real mistake is the one from which we learn nothing.” Unibot confidently concludes, stating, “We will emerge stronger from this setback, just as we did during our initial migration.”

Source