In a shocking turn of events, UniBot has fallen victim to a cyberattack, resulting in the theft of over $600,000. The UNIBOT token's value has plummeted by more than 17%, causing widespread fear, uncertainty, and doubt (FUD) among investors. However, the Total Value Locked (TVL) remains resilient at $700,000.
The Hacker's Assault on UniBot:
On October 31, 2023, reports surfaced, revealing that UniBot had been targeted by hackers. The attackers exploited a vulnerability in UniBot's new router, prompting the platform to pause its operations to contain the issue.
UniBot's Response to the Attack:
The official UniBot team took to social media, acknowledging the breach and reassuring users that any funds lost due to the exploit would be compensated. They also emphasized that users' keys and wallets remained secure.
Estimating the Extent of the Theft:
An estimation by Lookonchain suggested that the hacker had stolen more than $600,000 worth of assets. This staggering amount underscores the severity of the attack.
UniBot's Function as a Leveraged Liquidity Provision (LLP) Platform:
UniBot serves as a Leveraged Liquidity Provision platform, allowing users to trade cryptocurrencies and borrow volatile assets from the UniBot Pool using a single asset. The UNIBOT token plays a pivotal role in this ecosystem, offering advantages like faster transaction speeds, yield farming rewards, governance rights, and reduced gas fees.
UNIBOT Token's Sharp Decline:
The UNIBOT token's daily chart reveals a sharp decline of over 17%, with the token trading at around $44. This decline is the most significant in over a month and has raised concerns among investors.
The Relative Strength Index (RSI) Signals Bearish Trend:
The severity of the UNIBOT token's decline is further confirmed by the Relative Strength Index (RSI), which has fallen below 40, indicating a strong bearish trend.
Potential Impact on the Token's Value:
If the hack continues and more funds are lost, there is a possibility that the UNIBOT token's value may further decrease by the end of the day, intensifying concerns within the community.
TVL Remains Unaffected:
Surprisingly, UniBot's Total Value Locked (TVL), according to data from DefiLlama, has not been impacted by the hack. At the time of this report, the TVL stands strong at over $700,000, demonstrating the resilience of the platform.
In Summary:
UniBot's battle against hackers and the subsequent drop in the UNIBOT token's value have generated substantial concern among investors. While the platform's response and compensation promise offer some reassurance, the future trajectory of the token remains uncertain, and the crypto community is closely monitoring the situation.