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Unibot compensates users following security hack; operations back to normal

Unibot compensates users; operations back to normal

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TL;DR

  • Unibot has fully compensated users affected by a recent hacking incident, with the total expenditure reaching $1.78M to cover the unauthorized withdrawals from about 600 wallets.
  • The platform took immediate action by suspending the compromised contract and revoking token approvals and is now offering zero transaction fees for ten days, along with a future increased revenue share for token holders.
  • Following the security breach, Unibot’s token value declined significantly, but the platform remains optimistic about its recovery and is taking steps to enhance security measures.

Unibot has taken definitive steps to address the aftermath of the hacking incident that occurred on October 31. The decentralized trading platform has committed to fully compensating the users affected by the exploit.

Swift response to exploit

The incident, which compromised a new router contract, led to unauthorized withdrawals from approximately 600 wallets, amounting to a loss of nearly $600,000. In response, Unibot enacted immediate measures to halt all trading activities associated with the contract. The team also revoked token approvals that posed a risk of further exploitation. Consequently, these decisive actions have prevented additional losses.

Most of the tokens, precisely 86%, were reacquired at market value. For cryptocurrencies like Joe coin, which took a hard hit, Unibot facilitated a complete rebound with a $370K refund. Other tokens, including BCAT, TISM, DAVID, AIX, MSTR, and CHAINS, also saw full recoveries. Notably, for tokens that plunged in value at the refund’s timing, like MILK, Unibot ensured users received compensation in ETH equivalent to the value at the time of the exploit. Tokens with lower market capitalization or liquidity were granted a full refund in ETH, plus a 20-35% bonus, demonstrating Unibot’s resolve to restore user confidence.

Unibot strengthens trust

In a bid to rebuild user confidence, Unibot has announced a zero transaction fee for the upcoming ten days. Furthermore, from November, token holders can expect an increased revenue share, rising to 3% from the previous 2%. Additionally, Unibot is engaging with top-tier auditors to reinforce security measures and integrate best practices to protect its users.

Following the hack, Unibot tokens witnessed a downturn, with a significant decrease from $55.67 to $35.94. Over the recent days, the token’s value has seen fluctuations within this bracket, highlighting the market’s response to the incident.

However, Unibot remains resolute, drawing inspiration from the words of Henry Ford on learning from mistakes. The platform expresses a confident outlook towards recovery, referencing their past resilience during initial challenges.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com 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.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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