Unibot fully compensates users after the hacking incident

Unibot, a popular Telegram bot, bore a total of about $600,000 in damages and compensated affected users.

In response to the major hacking incident that occurred on October 31, the decentralized exchange Unibot has confirmed that it will fully compensate the users affected by the incident.

Despite the recent decline in the value of the Unibot token, the company remains confident of a strong recovery.

Unibot Keeps Traders Loaded

The attack reportedly caused about $600,000 in damage, which Unibot fully covered, resulting in a massive loss of $1.78 million to the company. The vulnerability targeted a newly deployed router contract and resulted in unauthorized withdrawals of tokens from approximately 600 affected wallets.

Once the attack was detected, the Unibot team acted quickly, including suspending all trading activity related to the vulnerability contract. In addition, the network immediately revoked the token approval in question to prevent further damage from the attack.

According to a statement released by Unibot, most of the lost tokens (86%) were purchased at market prices, for a total of 141 out of 164. Notably, heavily impacted tokens like Jocoin experienced a full recovery, resulting in a $370,000 refund. Similarly, tokens such as BCAT, TISM, DAVID, AIX, MSTR, and CHAINS have fully recovered.

For tokens that have dropped in value significantly at the time of refund (e.g., MILK), users will be compensated in ETH equivalent based on the exploit time. In addition, tokens with a low market cap or limited liquidity receive a full refund in ETH as well as an additional 20-35% reward.

To compensate users and boost confidence and trust, the Unibot trading network has announced a 0% trading fee for the next ten days. In addition, starting in November, the revenue share of token holders will increase to 3% from the previous 2%.

In addition, the network is committed to partnering with top auditors to enhance the security of new features and adopt industry-leading practices to protect its users.

Token price depleted

In the wake of the recent hack, the Unibot token has experienced a significant decline. As news of the attack broke, the token quickly dropped from $55.67 to $35.94. The token has been trading in that range for the past three days.

Market data shows that the token value has lost about 10.88% in the last 24 hours.

Reflecting on the situation, Unibot quotes Henry Ford’s wise quote: “The only real mistake is the one we don’t learn from.” Unibot confidently concludes, “We will emerge from this setback stronger, just as we did during the initial migration.” ”