Unibot Decisive action has been taken to address the consequences of the hack that occurred on October 31st. The decentralized exchange has pledged to fully compensate users affected by the hack.
Respond quickly to attacks
The incident disrupted the new router contract, resulting in unauthorized withdrawals from approximately 600 wallets and causing a loss of nearly $600,000.
In response, Unibot immediately issued measures to suspend all trading activities related to the contract.
The team also revoked approval of tokens that risked further exploitation. As a result, these decisive actions prevented additional losses.
The majority of tokens, 86% to be exact, are bought back at market value. For hard-hit cryptocurrencies like Joe Coin, Unibot provides a $370,000 refund to help it fully recover.
Other coins including BCAT, TISM, DAVID, AIX, MSTR, and CHAINS have also fully recovered.
It is worth noting that for tokens that lose value when redeemed (such as MILK), Unibot ensures that users are compensated in ETH equal to their value at the time of the attack.
Tokens with lower market capitalization or liquidity received a full refund of ETH, plus a 20~35% reward, showing Unibot’s determination to restore user trust.
The token approval vulnerability we encountered on October 31st has been fully resolved and transactions with Unibot have returned to normal. As mentioned earlier, the issue is only relevant to transactions made against newly deployed vulnerable router contracts. this…
— Unibot (@TeamUnibot) November 2, 2023
Unibot enhances trust
In order to rebuild user trust, Unibot announced zero transaction fees for the next 10 days. Additionally, token holders’ share of revenue is expected to increase starting in November, from 2% previously to 3%.
In addition, Unibot has partnered with leading audit organizations to strengthen its security measures and integrate best practices to protect its users.
Following the hack, the Unibot token fell sharply from $55.67 to $35.94. The token’s value has fluctuated within this framework in recent days, highlighting the market’s reaction to the event.
Yet, inspired by Henry Ford’s famous quote about learning from your mistakes, Unibot remains steadfast. The platform is confident of a recovery and cited its past resilience amid early challenges.
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