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.