Unibot Ensures Compensation for Users Impacted by Recent Hacking Incident

Unibot Ensures Compensation for Users Impacted by Recent Hacking Incident

Unibot, a decentralized trading platform, has taken immediate action to address the recent hacking incident that occurred on October 31. The company has confirmed that it will fully compensate users who were negatively impacted by the attack. Despite a decrease in the value of Unibot tokens following the hack, the company remains optimistic about a strong recovery.

The hack targeted a newly deployed router contract, leading to the unauthorized withdrawal of tokens from approximately 600 affected wallets. Once the attack was detected, Unibot swiftly responded 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.

Unibot has fully covered the loss incurred by the hack, amounting to approximately $600K. This compensation has come at a significant cost of $1.78M for the company. According to a statement released by Unibot, most of the lost tokens (86%) were purchased at market price, with a total of 141 out of 164 tokens experiencing a complete recovery.

Tokens such as Joe coin, BCAT, TISM, DAVID, AIX, MSTR, and CHAINS have fully recovered, resulting in refunds for affected users. For tokens like MILK, which suffered significant value declines at the time of the hack, users were reimbursed with the equivalent ETH value based on the timing of the exploit. Additionally, tokens with low market capitalization or limited liquidity received full refunds in ETH, accompanied by an additional 20-35% bonus.

To reinforce confidence and trust among its users, the Unibot trading network has implemented several measures. Firstly, the platform has announced a 0% transaction fee for the next ten days, providing users with a cost-effective trading experience. This gesture aims to compensate users for any inconvenience caused by the hacking incident.

Furthermore, starting in November, token holders will receive an increased revenue share of 3%, up from the previous 2%. This enhanced benefit demonstrates Unibot’s commitment to its users and offers them a greater incentive to continue engaging with the platform.

Moreover, the network has pledged to collaborate with top-tier auditors to strengthen security for new features. By adopting industry-leading practices, Unibot aims to safeguard its users from future hacking incidents and ensure the protection of their assets.

Following the hacking incident, the Unibot token experienced a significant decline in value. The news of the attack resulted in a swift drop from $55.67 to $35.94. Over the past three days, the token has consistently traded within this range, indicating a loss of approximately 10.88% in value within the last 24 hours, according to market data.

While the hack had a temporary negative impact on the Unibot token, the company’s response and compensation efforts indicate a strong commitment to its users. With the implementation of security enhancements and increased benefits for token holders, Unibot aims to rebuild trust and confidence in its platform. Users can now trade with reassurance knowing that Unibot prioritizes their security and strives for their satisfaction.

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