Popular Telegram bot Unibot took on losses totaling around $600,000 and compensated affected users.
In response to the major hacking incident that occurred on October 31, decentralized trading platform Unibot has confirmed that it will fully compensate users affected by the incident.
Despite the recent drop in the value of Unibot tokens, the company remains confident of a strong recovery.
Unibot brings traders great rewards
The attack reportedly caused losses of approximately $600,000, which Unibot absorbed in full, leaving the company with a massive loss of $1.78 million. The vulnerability targeted a newly deployed router contract, resulting in the unauthorized withdrawal of tokens from approximately 600 affected wallets.
Once the attack was detected, the Unibot team took swift action, including suspending all trading activity associated with the vulnerable contract. In addition, the network immediately revoked approval of the offending tokens to prevent the attack from causing further damage.
According to the statement released by Unibot, most of the lost tokens (86%) were purchased at market prices, a total of 141 out of 164. Notably, severely affected tokens like Qiaobi experienced a full recovery, resulting in a refund of $370,000. Similarly, tokens such as BCAT, TISM, DAVID, AIX, MSTR, and CHAINS also fully recovered.
For tokens whose value has dropped significantly at the time of refund (such as MILK), users will receive ETH compensation equivalent to the time of exploitation. In addition, tokens with low market capitalization or limited liquidity can receive a full refund in ETH and an additional 20-35% reward.
In order to compensate users and enhance confidence and trust, the Unibot trading network announced that the transaction fee will be 0% for the next ten days. In addition, starting in November, the revenue share of token holders will increase from the previous 2% to 3%.
Additionally, the network is committed to working with top auditing organizations to enhance the security of new features and adopt industry-leading practices to protect its users.
Token Price Exhaustion
Unibot token has experienced a significant drop following the recent hack. As the news of the attack broke out, the token quickly dropped from $55.67 to $35.94. The token has been trading in this range for the past three days.
Market data shows that the token has lost about 10.88% of its value in the past 24 hours.
Reflecting on the situation, Unibot cited Henry Ford’s wise words: “The only real mistakes are those from which we do not learn.” Unibot confidently concluded: “We will emerge stronger from this setback, just as we did during the initial migration.”
