Despite the temporary setback caused by a recent exploit on its protocol, Uwerx continued its journey toward crypto innovation. The project has successfully performed its test airdrop alongside a token burn event. Also, it has set its relaunch date to occur by 12:00 PM UTC on October 25th. Continue reading to find out about other exciting releases by Uwerx.
Uwerx’s Initial Launch On Uniswap
After its remarkable presale activities, Uwerx launched on Uniswap on 1st August. The WERX token featured a 3% sell tax, 2% marketing, and 1% token burn. Meanwhile, the team locked its liquidity and promised to renounce contract ownership upon listing on CEX platforms.
In addition, a Uwerx Buy-back program was initiated to provide additional support for the project. The program was to be performed weekly and will scale according to performance. However, it was suspended while the reserved funds went into liquidity provision post-attack.
The development of the Uwerx freelance platform also progressed remarkably. Some completed platform features were Login, Privacy Policy, Finished Payments, Create Account, and Security Sections. Other designs, like the Dashboard features, were yet to be finalized. However, they completed the Uwerx Vault design and sent its contract address for audit.
Uwerx Meets Roadblock As It Loses About $327K In An Exploit
Shortly after its Uniswap launch, Uwerx became a victim of a malicious exploit and lost 176 ETH (approx. $327,000). An in-depth analysis of the incident by CertiKAlert and PeckShield Alert unveiled the attacker’s tactics: they obtained a flash loan of 20,000 ETH (worth more than $36 million) and quickly exchanged it into 5,053,637 WERX tokens.
Afterward, they returned 4,429,817 WERX to Uwerx’s pool on Uniswap. This was over tenfold the initial amount in the pool. Hence, it created an imbalance.
The hacker then leveraged Uniswap’s skim() function by setting the 0x00…1 address as the “to” address. This action caused the protocol to burn 1% of the initial WERX amount since the receiving address was a UniswapPoolAddress. Thus, the exploiter leveraged the imbalance and burn to make away with the 176 ETH.
Uwerx Regains Investors’ Trust As It Announces Relaunch Date
Uwerx rapidly contacted its auditors after the hack was confirmed. This was to ensure no further breach occurred. Also, its team announced its willingness to offer the attacker 20% of the lost funds as a bounty reward if they returned 80% of the funds. Meanwhile, the team initiated its action plan to ensure a swift recovery.
The WERX token will be relaunched on Polygon on 25th October at $0.056. The new WERX features a new contract address with a modified Uwerx Vault contract address. The two contract addresses have passed audits and have been updated on the Uwerx whitepaper and website. In addition, there’s a 9-month seal on the developer’s liquidity while the scheduled token burn event and the test airdrop of WERX tokens have been executed. Another airdrop will also occur shortly after the relaunch date. Thus, users are advised to finalize their receiving wallet addresses by 15:00 UTC on 8th October.
Before the relaunch date, YouTube media with explainer videos will be released. This will ensure users understand the details of the new WERX token. Users can send their reviews through the official feedback email, [email protected].
Furthermore, the new vesting period is 10 weeks, while the new sell tax is 30%, as voted in by the Uwerx community. The tax will be temporary and will decrease throughout the 10-week vesting period. This tax is designed to discourage malicious actors, while the funds generated will go into providing liquidity for Uwerx.
In addition, the design of the MVP version of the Uwerx freelance platform will be finished soon. The developers have finalized the designs for Creation of Courses by Freelancers and the service integration for Trello, Asana, Monday.com, and LinkedIn platforms. Also, the designs for the Webinar Section are complete.
Meanwhile, the developers hope to release the complete MVP version on 30th October, with a fully integrated platform ready after 6 months of design completion. Users can look forward to more updates about the WERX relaunch, MVP release, and full platform launch on Twitter (X), Telegram, and email.
Uwerx enjoys the full support of its investors as it has proven its commitment and potential to overcome future obstacles.