Unibot Bounces Back with User Compensation After Cyber Attack
Unibot, the popular decentralised trading platform, reassures users with full compensation following a recent hacking incident.
In a world where digital assets are becoming increasingly prevalent, security breaches can send shockwaves through the cryptocurrency community. Unibot, a Telegram bot offering decentralised trading services, recently found itself at the centre of such an incident. On October 31, the platform fell victim to a significant hacking attack, resulting in losses of approximately $600,000. However, what sets Unibot apart is its unwavering commitment to its users’ security and satisfaction.
The Cyber Attack: Unibot Takes Responsibility
Buybacks and refunds have been underway for the past several hours and will continue until everyone is fully compensated.
An official announcement will be made upon the successful completion of this process.
Rest assured, we are committed to our users' satisfaction, and we…
Unibot didn’t shy away from taking responsibility for the breach. In a commendable move, the platform acknowledged the scale of the problem and swiftly compensated those affected by the attack. The total reimbursement cost for Unibot amounted to a staggering $1.78 million, a clear demonstration of their commitment to their user base.
The attack, which targeted a recently deployed router contract, led to the unauthorised withdrawal of tokens from around 600 affected wallets. Yet, Unibot’s response was both prompt and comprehensive. They immediately suspended all trading activities associated with the vulnerable contract and revoked problematic token approvals across the network to mitigate further damage.
A Detailed Recovery Strategy
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’s approach to compensating its users was meticulous. Most of the lost tokens (86%) had been purchased at market price, and these users received their total amounts back. Tokens like Joe coin, which suffered significant losses, experienced a complete recovery, resulting in a refund of $370,000. Similarly, tokens such as BCAT, TISM, DAVID, AIX, MSTR, and CHAINS also managed to bounce back fully.
For tokens that had significantly depreciated at the time of the refund, like MILK, users were reimbursed with the equivalent ETH value based on the timing of the exploit. Tokens with low market capitalisation or limited liquidity received full refunds in ETH, along with a generous additional bonus ranging from 20% to 35%.
Rebuilding Trust and Confidence
Unibot understands the importance of rebuilding trust and confidence after a security breach. To reassure its users, the trading network has announced a 0% transaction fee for the next ten days, making trading more accessible and cost-effective. Furthermore, starting in November, token holders will receive an increased revenue share of 3%, up from the previous 2%, showing the platform’s commitment to the financial well-being of its user base.
In addition to these immediate measures, Unibot is dedicated to enhancing its security further. They have committed to collaborating with top-tier auditors to bolster security for new features and adopting industry-leading practices to safeguard their users effectively.
The Token’s Value and Unibot’s Resilience
Inevitably, the recent cyber attack impacted the value of the Unibot token. The breach news caused the token’s price to drop from $55.67 to $35.94, representing a substantial decline. In the following days, the token remained within this range, with market data indicating a 10.88% loss in value within the last 24 hours.
Unibot, however, remains steadfast in its optimism. Quoting the wisdom of Henry Ford, “The only real mistake is the one from which we learn nothing,” the platform confidently asserts that it will emerge stronger from this setback, just as it did during its initial migration.
In the ever-evolving landscape of cryptocurrency, Unibot’s unwavering commitment to its users’ security and satisfaction shines as a beacon of trustworthiness. Their proactive response to the recent cyber attack and dedication to making amends and enhancing security reaffirm their position as reliable players in decentralised trading platforms. As Unibot rebuilds and learns from its experiences, it is poised to continue offering its users a secure and rewarding trading experience in the future.
