Unibot, a decentralized trading platform, has recently faced a substantial hacking incident that resulted in a loss of approximately $600K. However, the company has taken immediate action to compensate affected users and reinforce their trust in the platform. In this article, we will delve into Unibot’s response to the attack, its efforts towards recovery, and the enhanced security measures being implemented.
Unibot has confirmed that it will provide total compensation for users who suffered as a result of the hacking incident. Despite a recent decrease in the value of Unibot tokens, the company remains committed to ensuring a strong recovery. The attack targeted a newly deployed router contract, leading to the unauthorized withdrawal of tokens from around 600 affected wallets.
Once the attack was detected, the Unibot team took swift action by 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. As a result of these efforts, most of the lost tokens (86%) were purchased at market price, with tokens like Joe coin experiencing a complete recovery.
Unibot has been proactive in facilitating the recovery of tokens impacted by the hacking incident. Tokens such as BCAT, TISM, DAVID, AIX, MSTR, and CHAINS have fully recovered, instilling confidence in token holders. For tokens that suffered significant value declines at the time of the refund, users were reimbursed with the equivalent ETH value based on the exploit’s timing.
Furthermore, tokens with low market capitalization or limited liquidity received full refunds in ETH along with an additional 20-35% bonus. This approach not only compensates users for their losses but also aims to restore faith in Unibot’s ability to safeguard their investments.
To further compensate users and strengthen confidence, the Unibot trading network has announced a 0% transaction fee for the next ten days. This initiative aims to alleviate any financial burden that users may have experienced due to the hacking incident. Additionally, starting in November, token holders will receive an increased revenue share of 3%, up from the previous 2%. These measures demonstrate Unibot’s commitment to its users and their financial well-being.
Furthermore, Unibot is committed to enhancing the security of its platform. The company plans to collaborate with top-tier auditors to implement industry-leading practices and ensure the utmost security for its users. By prioritizing security and adopting robust measures, Unibot aims to prevent future hacking incidents and provide a secure trading environment for its users.
Following the recent hacking incident, the Unibot token experienced a significant decline in value. 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 indicates a loss of approximately 10.88% in the token’s value within the last 24 hours.
Despite the temporary decline, Unibot remains confident in its ability to recover and build a resilient trading platform. The company’s commitment to compensating affected users, implementing enhanced security measures, and improving revenue sharing demonstrates its determination to restore trust and ensure the long-term success of the Unibot ecosystem.
Unibot’s response to the hacking incident showcases the company’s dedication to its users and their investments. By swiftly compensating affected users, facilitating recovery for impacted tokens, and implementing enhanced security measures, Unibot aims to rebuild confidence and trust in its decentralized trading platform. As the company moves forward, it remains determined to provide a secure and profitable trading experience for its users, while constantly improving its security practices to prevent future incidents.