Crypto experts were not surprised when Uwerx recorded a successful launch. This was because the project has been impressive since the start of its presale, surpassing trader’s expectations at each presale stage. The project’s successful launch added a new chapter to its book of achievements.
However, a dark time came for the project when it was hit with a flash-loan attack a day after launch. The question on investors’ lips now is, can Uwerx pull through this trying time? Let us find out.
Uwerx’s Successful Launch
The 5-phased Uwerx presale ended on July 31, 2023, with investors earning a 27.5% purchase bonus. Due to its impressive presale, the project joined the cryptocurrency with support from its 2,291 Telegram members and 2,098 Twitter followers.
Having launched its Alpha version, Uwerx was ready to compete in the cryptocurrency market. The Alpha version came with core functionalities like Message Search, Contract Preview, Unlogged view for Agency, Application Preview, Chat System within job postings, Freelancer role, Agency role, and Client role selection. It also featured the Login, Finished Payments, Settings, Forgotten Password, Create Account, Help Center, Privacy Policy, and Security Sections.
The Uwerx development team is currently putting the finishing touches on the Freelancer Dashboard, Agency Dashboard, Client Dashboard, Additional Settings Page, and Management of Ongoing Projects pages. They will also design the premium functionalities of the Uwerx platform once the above features are finalized.
Following the poll where 84% of voters stated they can’t wait to start saving with the Uwerx Vault, Uwerx developers are happy to announce that the Vault is ready and will be launched after its audit.
Uwerx’s launch on August 1, 2023, came with the introduction of a 3% sell tax, 2% marketing, and 1% token burn. The project’s development team also delivered on their presale promise to lock deployed liquidity for 25 years. Additionally, they reiterated their plan to give up smart contract ownership once the CEX listing is done.
Finally, the development team introduced the Buyback program that should run every week. However, due to the recent hack, the team has decided to use the buyback funds to provide for the next Uwerx launch.
Uwerx’s Uniswap Launch Gets Attacked
As reported on Twitter PeckShield Alert and CertiKAlert, Uwerx was prey to a flash-loan attack that saw a hacker steal 176 ETH (approximately $327,000).
To carry out the theft, the attacker flash-loaned 20,000 ETH and swapped it for 5,053,637 WERX tokens. Then, they moved 4,429,817 WERX tokens into the Uniswap pool. This caused an imbalance because the sent amount far exceeded the pre-existing balance within the pool.
Exploiting the imbalance, they used the skim() function of Uniswap, and with 0x00…1 as the “to” address, they exploited the UniswapPoolAddress” template, causing a 1% burn of the initial token. The hacker carted away with $327,000 worth of ETH.
Uwerx Developers Respond Swiftly To The Hack Attack
After the attack, the Uwerx team quickly contacted SolidProof and InterFi Network, informing them of the attack. They also sent a public message to the exploiter, asking them to consider keeping 20% of the stolen funds as a “white hat bounty” and returning the rest.
Furthermore, the team decided to relaunch Uwerx on Polygon, and on August 22, they deployed Uwerx on the Polygon mainnet.
The team promised to ensure the new contract address is meticulously audited. They have engaged two established auditors and one independent auditor to carry out the audits.
The official new WERX contract address is 0x24BCc05a01CB9AEA91195F6624D08333a17a7377. Uwerx developers advise users to add the new contract address to their chosen wallet(s) on the Polygon Network.
Furthermore, the team conducted polls for community members to vote on the vesting period and the sliding sell tax percentage. After the polls, it was decided that the sell tax will start at 30% and decrease to 0% at the end of the 10 week vesting period. In addition, 100% of the sell tax proceeds will be used as Uwerx’s liquidity pool.
There are plans to introduce a Minimum Viable Product (MVP) similar to the final product. They have also been diligently working on the Uwerx Vault. They intend to simultaneously deploy the token and Vault to create a comprehensive launch strategy.
The team recognizes the need to maintain awareness; however, they want everything verified and good to go before they release their announcements. As the deployment draws closer, they will release YouTube media and explainer videos to make it easy for the community to understand the relaunch.
While the recent hack is a setback, the Uwerx team remains undeterred. They promise to set everything back in place and restore trust in the Uwerx project. They also encourage community members to send their suggestions through their feedback email [email protected].
As for users who bought WERX tokens during the presale, the team assures them that their tokens are safe. They added that minting and airdrops will not happen until a complete audit has been carried out.
Due to the swift response of the Uwerx team to the attack, experts believe Uwerx can still attain prominence in the coin market.