Although many crypto projects boast about creating means for users to earn passive income, most failed to recover from a major attack. However, Uwerx has been tested and proven its trustworthiness in the face of a publicized attack.
The revolutionary freelance crypto platform recently lost $327k from its Uniswap pool shortly after its official launch. Can Uwerx counter the effects of the hacking incident in time? Let us find out.
Uwerx’s Record-breaking Presale Concludes With Ovation
Uwerx gained significant attention during its presale rounds, enticing buyers with generous bonuses across its five stages. This attracted many investors and amassed 2,037 Twitter followers and 2,280 members on Telegram. As a result, it had to adjust its tokenomics to accommodate the influx of buyers.
The presale finally ended on July 31st at 23:59 UTC. Meanwhile, the WERX token was sold at the final price of $0.05645 with a last-minute bonus of 27.5%.
Uwerx has also progressed remarkably in the development of its freelance platform. The platform already features Core Functionalities, including the Application Preview, Chat System within job postings, Contract Preview, Message Search, Unlogged view for Agency, Freelancer, and Client, and Agency role selection.
Other completed pages are Settings, Help Center, Login, Create Account, Forgotten Password, Privacy Policy, Finished Payments, and Security Sections.
Meanwhile, other platform updates to be released soon include Client Dashboard, Freelancer Dashboard, Agency Dashboard, Management of Ongoing Projects, and Additional Settings Pages. The team is thrilled with the progress achieved so far and intends to begin designing the premium elements of the Uwerx platform soon.
On the other hand, the unique Uwerx Vault has been successfully completed and now awaits audit approval. Meanwhile, 84% of the Uwerx community has declared their interest in using the Vault to secure their funds and maximize their earnings.
On August 1st, 16:00 UTC, Uwerx finally launched on Uniswap. Its WERX token was unveiled with a 3% sell tax, 1% token burn, and 2% marketing. It also fulfilled its promise of locking deployed liquidity for 25 years, as announced during the presale. In addition, its team reiterated its plan to renounce smart contract ownership after the CEX listing kicks off smoothly.
Lastly, Uwerx initiated a scalable buy-back program designed to be performed weekly. However, specific dates for the buy-back were not revealed to discourage fraudulent behavior.
Uwerx Network Exploited, Resulting In A $327K Loss
As smart contracts come with complexities that could create loopholes, it is no surprise that Uwerx was hit with a hack attack shortly after its launch on Uniswap.
Many crypto security platforms like PeckShield Alert and CertiKAlert announced the incident on Twitter.
The attacker flash-loaned 20,000 ETH ($36,726,400) and exchanged it for 5,053,637 WERX tokens. Then, they sent back 4,429,817 WERX tokens (about 10 times the initial amount) to the Uniswap pool, creating an imbalance.
By calling the skim() function of Uniswap with 0x00…1 as the “to” address, they caused the token transfer to burn 1% of the initial amount, resulting in an imbalance, which they exploited. The attack, which occurred on August 2nd, led to the loss of 176 ETH (around $327K).
Uwerx Could Hit New Heights As It Prepares For A Strategic Relaunch
In the face of the unfortunate hacking, the Uwerx team has shown immeasurable resolve as they work to reestablish investors’ faith. They quickly contacted the auditors, SolidProof and InterFi Network. They also issued a white hat bounty which offers the hacker to keep 20% of the stolen funds and return the remaining 80%.
As a community-centric platform, Uwerx will hold polls on the official Telegram group from August 6th to 13th. Community members can vote on the future launch plans of the Uwerx project, like the new vesting period, airdrop schedule, and sliding sell tax.
This new sell tax will decrease throughout the new vesting period, while 100% of the tax will be directed to the liquidity pool of Uwerx on Uniswap. This will greatly benefit Uwerx. The team encourages members to send their feedback through their feedback email [email protected]. Meanwhile, they have assured users of the safety of their WERX tokens bought during the presale.
Furthermore, the team has pushed forward the initial roadmap and announced their intention to relaunch the WERX token using the liquidity previously reserved for the Buy-back program. The token’s new contract address will be audited twice to ensure robust security.
The new WERX will be built on August 14th, while its details will be announced on August 21st. They also plan to adjust the whitepaper, tokenomics, and the airdrop schedule to reflect the new changes. Updates will be revealed as the team rolls out more plans. Meanwhile, the Uwerx platform design continues steadily, with a significant update planned soon.
As Uwerx has shown it can withstand challenges and adversity, investors are reassured of a quick bounce back with better security. Therefore, experts still believe Uwerx could quickly recover in time to compete favorably in the market.
To get more information, click the links below:
Website: https://www.uwerx.network
Telegram: https://t.me/uwerx_network
Twitter: https://twitter.com/uwerx_network