The post Unibot compensates users following security hack; operations back to normal appeared on BitcoinEthereumNews.com.

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 Update 🦄🤖 The token approval exploit we suffered on Oct 31 has been fully addressed and trading with Unibot is back to normal. As stated previously, the issue was solely related to trades made against a newly deployed router contract that was vulnerable to attack. The… — Unibot (@TeamUnibot) November 2, 2023 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…

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Filed under: News - @ November 4, 2023 10:26 am