Unibot Compensates Users Affected by Hacking Incident
Unibot, a decentralized trading platform, has confirmed that it will fully compensate users who were negatively impacted by a hacking incident on October 31. Despite a decrease in the value of Unibot tokens, the company is optimistic about a strong recovery.
Details of the Attack and Response
The attack resulted in a loss of around $600K, which Unibot has covered at a cost of $1.78M. The exploit targeted a newly deployed router contract and led to unauthorized token withdrawals from approximately 600 affected wallets.
Once the attack was discovered, the Unibot team took immediate action by suspending all trading activities associated with the vulnerable contract. They also revoked problematic token approvals to prevent further damage.
According to Unibot’s statement, most of the lost tokens were purchased at market price, with 141 out of 164 tokens experiencing a complete recovery. Tokens like Joe coin, BCAT, TISM, DAVID, AIX, MSTR, and CHAINS have fully recovered.
Tokens that suffered significant value declines during the attack, such as MILK, were reimbursed based on the equivalent ETH value at the time of the exploit. Tokens with low market capitalization or limited liquidity received full refunds in ETH along with an additional bonus.
Compensation Measures and Security Enhancements
To compensate users and restore confidence, Unibot has announced a 0% transaction fee for the next ten days and increased token holders’ revenue share from 2% to 3%. The company also plans to collaborate with top-tier auditors to enhance security measures and adopt industry-leading practices.
Token Prices Decline
Following the hack, the value of Unibot tokens has significantly decreased. The token dropped from $55.67 to $35.94 as news of the attack spread. In the past three days, the token has consistently traded within that range, experiencing a 10.88% loss in value within the last 24 hours.
Looking Ahead
Despite the setback, Unibot remains confident and quotes Henry Ford’s wise words: “The only real mistake is the one from which we learn nothing.” The company believes it will emerge stronger from this incident, just as it did during its initial migration.
Hot Take: Unibot Takes Responsibility and Provides Compensation for Hacking Incident
In response to a significant hacking incident, Unibot has taken full responsibility for compensating affected users. Despite facing a decline in token prices, Unibot is committed to restoring trust and confidence through various measures such as zero transaction fees and increased revenue shares for token holders. The company’s prompt response to the attack and its commitment to collaborating with auditors demonstrate its dedication to enhancing security measures. While the hack caused a drop in token value, Unibot remains optimistic about a strong recovery. This incident serves as a learning opportunity for Unibot, reinforcing their determination to emerge even stronger from setbacks.
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