Uwerx is evidently dedicated to revolutionizing the freelance economy—all thanks to its resourceful developers and policies.

Its presale success has also earned them significant support from the cryptocurrency domain and even beyond. A short glimpse at its exploding followership across social media is undeniable proof. Such metrics indicate, to a great extent, the confidence and excitement encompassing the project’s growth potential.

Nevertheless, Uwerx’s successful launch took a hit when it experienced a flash loan attack last week. Since such attacks imply the exploitation of smart contracts to access a substantial amount of funds temporarily and exploit the platform’s operation, questions and concerns have been raised about the project’s security measures.

The Uwerx Launch

Since the beginning of this year, the crypto industry has faced seemingly unending price fluctuations heightened by SEC’s regulatory clampdown. But Uwerx, despite being typically new, has managed to carve out a fantastic success story for its community, from surpassing stakeholders’ expectations to demonstrating an unwavering resilience and obligation to investors’ safety.

Uwerx’s presale phase was nothing short of noteworthy, a somewhat inevitably gripping sensation. So it was, as expected, an immeasurable burst of optimism when the Uwerx launched on August 1, 2023, highlighting laser-focused strategies for building a community-centric platform.

Their first move was to deploy liquidity on Uniswap, which was locked for 25 years to maintain a stable liquidity pool and eliminate the imposing threats of liquidity drains or market hacks. They have also proposed a set of rules that are expected to govern token distribution and usage, including a 3% sell tax to guarantee sustainability, a 1% burn to increase the token’s price value over time using deflationary measures, and a 2% marketing fee to foster visibility.

The crypto industry is often influenced by mainstream recognition, so the Uwerx team has correspondingly taken the initiative to start applying for listings on reputable platforms such as CoinGecko and CoinMarketCap. Plus, they pledged to relinquish contract ownership once they list on centralized exchanges.

More still, the project’s team is bringing core functionalities to users soonest, including the client dashboard, freelancer dashboard, agency dashboard, project management section, and additional settings pages.

Furthermore, they plan to introduce a Minimum Viable Product (MVP) for public testing once developers do in-depth testing and also a Buyback program to stabilize the token’s price and support its market value. For the program, specific dates and times for the buybacks will not be disclosed to ensure fairness.

Uwerx Navigates an Arduous Journey

Following its launch last week, Uwerx encountered a flash loan exploit. According to CertiKAlert, the malicious actor strategically obtained a flash loan of 20,000 ETH worth $36,726,400 and utilized it to acquire 5,053,637 WERX tokens. Then the attacker transferred 4,429,817 WERX tokens to the Uniswap pool, which resulted in a substantial imbalance in the token supply.

Subsequently, the attacker leveraged Uniswap’s functionality, designating the recipient’s address as 0x00…1, and finally went ahead to carry out the operation. And since the recipient’s address resembled the “uniswapPoolAddress” template, 1% of the initial token amount was burned during the transaction. Experienced auditors acknowledge that the unintended burning of an extra 1% of the token aided the exploit and allowed the hacker to steal $327,000.

Flash loan attacks are becoming an escalating concern in the DeFi space, capitalizing on vulnerabilities in smart contracts and protocols for their nefarious schemes. In light of this, the Uwerx team and its community are deciding on effective measures to combat the alarming development.

Uwerx and Its Community: Embracing the Future

Flash loan attacks are fast becoming a significant trend in the DeFi space. Most crypto projects have gone under the rug due to this malaise.

However, Uwerx, since its predicament, has exemplified a strong and poised resilience for a rapid comeback, given that they released their recovery plan and offered a white-hat bounty of 20% to the hacker.

More so, the Uwerx development team has decided to relaunch and deploy their tokens on the Polygon Network, highlighting several benefits surrounding the change, like reduced gas fees for trading and a seamless user experience. Similarly, the team will provide users with the new contract address and give them ample time for preparation.

Uwerx also issued a comprehensive warning that, since the relaunch is still in progress, any WERX token pair on the market is a total scam. Updates on the new WERX token are set to be released on Monday, 21st August 2023.

In this case, throughout the Vesting Period, there would be a Sell Tax that starts at X% and decreases to 0% by the end of the Vesting Period. This means that if the Sell Tax starts at 50% over a 10-week vesting period, it will decrease by 5% per week. Also, they have promised to eliminate the buy tax.

As flash loan attacks are becoming a significant security issue, Uwerx has proactively engaged well-known auditing firms, SolidProof and InterFi Network, as well as directly contacting SlowMist Team and PeckShieldAlert. This ensures that users’ assets remain safeguarded and protected against future attacks.

Currently, new updates have been added to the platform to enable a hitch-free user experience, such as Settings, Help Center, Login, Create Account, Forgotten Password, Privacy Policy, Finished Payments, and Security sections.

Uwerx has also proposed changes to its tokenomics as part of its comeback strategy from a presale allocation of 57% (427,500,000 tokens) to a liquidity Reserve of 14% (105,500,000 tokens). However, Uwerx acknowledges that they will be implemented once their community issues feedback. Also, adjustments will be made to the Uwerx Vault smart contracts because of the new contract address.

These proposed changes seem promising, so the community is backing Uwerx for success. In the coming weeks, the developers will implement more changes and set the project back on track.

For further details on the ongoing discussion, kindly follow the links below:

Telegram: https://t.me/uwerx_network

Twitter: https://twitter.com/uwerx_network

The firearm charges leveled against the suspended governor of the Central Bank of Nigeria, Godwin Emefiele, have been dismissed by a Federal High Court in Lagos at the request of the prosecutors.

Justice Nicholas Oweibo dismissed the charges because the prosecution holds the legal right to withdraw a charge against a defendant during any stage of the trial.

The judge, in his verdict, ruled that the request made by the Director of Public Prosecution (DPP) to withdraw the case is supported by Section 108 of the Administration of Criminal Justice Act (ACJA), which empowers the judge to revoke the charge, without any stipulated requirement for the application to be in written form.

During the hearing, the judge pondered the potential consequences for the defense if the court were to deny the application for the withdrawal. He described the prosecutors as not-law-abiding and having no respect for the court.

“The prosecution has shown that they are not law-abiding and have no respect for the court. The court cannot force them. What good will it be for the defendant who is in custody? What benefit will it be to keep the file in the court’s docket?

“I believe the proper thing is to allow them to withdraw the charge. They can abandon it, and the court will still have to strike it out for lack of diligent prosecution. The application to withdraw is at this moment granted,” the judge said.

Emefiele has been in the custody of the Department of State Services (DSS), on allegations bordering financial crimes, money laundering, and terrorism financing, for months. However, the court struck the charges off in … granting Emefiele bail. But the DSS filed fresh charges.

The secrete service accused Emefiele of possessing a single-barrel shotgun (JOJEFF MAGNUM 8371) without a license, an offense contrary to section 4 of the Firearms Act Cap F28 Laws of the Federation 2004 and punishable under Section 27 (1b) of the same Act.

The defendant was also accused of having in his possession 123 rounds of live ammunition (Cartridges) without a license, which is contrary to section 8 of the Firearms Act Cap F28 Laws of the Federation 2004 and punishable under Section 27 (1)(b)(il) of the same Act.

Having entered a plea of not guilty, the defendant was subsequently granted bail by the court, with a bail amount set at N20 million.

Among the stipulated conditions was an order for the suspended CBN Governor to be held in the custody of the Nigerian Correctional Services until the bail conditions are met.

However, the DSS defied the court, rearrested the defendant, and kept him in their custody after a scuffle with some Correctional Services officers.

The Federal Government’s decision to withdraw the case has been linked to the findings uncovered by the audit of the CBN, sanctioned by President Bola Tinubu.

The director of Public Prosecutions (DPP) at the Federal Ministry of Justice, Mohammed Abubakar told the court that the federal government had decided to withdraw the charges based on emerging facts and circumstances of the case, which requires closer investigation. The DPP stated that his oral application was brought in pursuant to sections 108 of the Administration of Criminal Justice Act and 107 of the 1999 Constitution.

This move, which brings a fresh twist to the case, was challenged by the defense. Joseph Daudu (SAN), the defense counsel, contested the action, asserting that the court was not in a position to entertain the verbal plea due to the prosecution’s failure to adhere to the court’s directive regarding Emefiele’s bail.

Furthermore, he contended that no formal application was currently before the court, citing the prosecution’s lack of compliance with both legal statutes and court regulations.

“It must be in writing; I have never heard of an application to withdraw a case without the prosecution filing a nolle prosequi. So I will urge the court that in the interest of justice, its need to prevent this abuse of the legal processes.

“Every application they brought against any citizen of this country under section 174 is a nolle prosequi; the government cannot come before the court orally for that; it ought to be by “nolle prosequi”, at the point in term there is no application before the court,” he said.

He urged the court to reject the application and order the learned DPP to continue today’s business.

“We have an application before the court, which accused the AGF of disobeying the court’s order, ordering that the respondent/ defendant should be remanded in the custody of the Nigeria Correctional Service.

“The court also granted the defendant an order of substituted service to be published in three National newspapers, and after we obtained these orders, they brought an application of stay of execution of the bail, and we say unless they obey that order, the court cannot proceed,” Daudu added.

In response to the defense’s arguments, the DPP highlighted the distinction between nolle prosequi and charge withdrawal, referencing section 108 of the Administration of Criminal Justice Law 2015.

The DPP clarified that whereas Section 107 specifies that the withdrawal application must be in written form, Section 108 does not prescribe a specific mode; it empowers the prosecutor to approach the judge for such an application. Our submission was in accordance with the provisions of Section 108.

With more revelations coming from the audit of the CBN, the Federal Government is believed to be preparing fresh charges bordering on financial crimes against Emefiele.

However, the court has been criticized for tolerating the DSS’ disregard for the rule of law for so long.