As blockchain and the freelance industry experience fast-paced adoption, it is bound to attract investors and, unfortunately, hackers too. Being aware of the activities of hackers over the years, Uwerx developers ensured they received audit approval from SolidProof and InterFi Network before even commencing presale activities.
After the recent hack following its successful launch on Uniswap, Uwerx has implemented plans for a full recovery to reclaim the trust of its investors and continue its goal of revolutionizing the freelance industry. Continue reading for more details on the Uwerx hack and the project’s plan for a full recovery.
Uwerx’s Successful Presale Ended On A High Note
The Uwerx presale, which began late March this year, finally ended on July 31st at 23:59 UTC. It enjoyed an influx of buyers and had to adjust its tokenomics to accommodate the new buyers. Its WERX token was sold at the final price of $0.05645, while last-minute buyers enjoyed a special final bonus of 27.5%.
The 5-phased presale attracted over 2,000 Twitter followers and 2,500 members on Telegram. This signifies users’ strong belief in Uwerx’s vision to empower the common man with the thriving gig economy.
Furthermore, remarkable progress has been made in the development of the Uwerx platform. The developers have already completed the design of some of the Core Functionality of the platform. These include 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, the Core Functionality Designs that will be completed within the next two weeks include the Client Dashboard, Freelancer Dashboard, Agency Dashboard, Management of Ongoing Projects, and Additional Settings Pages. Once these designs are completed, the developers will commence the design of the premium elements of the Uwerx platform.
However, thanks to the commitment of the Uwerx team, the Uwerx Vault has been successfully completed and will complete its auditing process within the first week of August. Meanwhile, 84% of the Uwerx community has indicated their interest in utilizing the Vault to secure their funds and maximize their earnings.
On August 1st at 16:00 UTC, Uwerx performed its highly anticipated launch on Uniswap. The team revealed a 3% sell tax, 1% token burn, and 2% marketing. It also fulfilled its promise of locking deployed liquidity for 25 years, as previously announced during the presale. In addition, they reiterated their plan to renounce smart contract ownership soon after the CEX launch.
Finally, Uwerx announced its Buy-back program to provide additional support for the project. The campaign was designed to be executed weekly and will scale according to performance. However, the team withheld the specific dates for the buy-back to discourage bad actors. Given the recent hack, the buy-back funds will be channeled into liquidity provision.
Hacker Exploits Crypto-based Freelance Platform, Uwerx, Steals About $327K
While investors were anticipating the first WERX token airdrop scheduled for August 4th, Uwerx was hit with a flash loan exploit, resulting in the loss of 176 ETH (approximately $327,000) from its platform. The exploit occurred on August 2nd, a day after Uwerx launched on Uniswap. It was detected and recorded on Twitter by several crypto security platforms like PeckShield Alert and CertiK Alert.
According to CertiK Alert, the attacker flash-loaned 20,000 ETH ($36,726,400), which they exchanged for 5,053,637 WERX tokens. They created an imbalance in the Uniswap pool by sending 4,429,817 WERX tokens (about 10 times the initial amount).
By calling the skim() function of Uniswap with the 0x00…1 as the “to” address, they manipulated the token transfer to burn 1% of the initial amount resulting in an imbalance, which they exploited. In the end, the attacker gained 176 ETH ($327k).
Uwerx’s Sustainability Shines Through Its Strategic Steps Towards Overcoming The Hack
Following the unfortunate hacking, the Uwerx team has demonstrated immeasurable resolve by restrategizing to mitigate the effects of the hack. The team quickly contacted SolidProof and InterFi Network, alongside other security platforms that reported the incident. They also issued a message to the exploiter to consider returning 80% of the stolen funds, keeping 20% as a “white hat bounty.”
Meanwhile, the team has pushed forward the initial roadmap and announced their intention to relaunch the WERX token using the liquidity planned for the Buy-back program. The new WERX will be built on August 14th, while its details will be released on August 21st. The token’s new contract address will be audited twice to ensure better security.
The team plans to adjust the tokenomics, airdrop schedule, and the whitepaper. They also plan to include a new sell tax that will decrease throughout the new vesting period. 100% of the sell tax will be directed to the liquidity pool for Uwerx on Uniswap. Therefore, it is purely for the benefit of Uwerx. In addition, the team has assured users of the safety of their WERX tokens bought during the presale.
Furthermore, the Uwerx community has shown immense support for the Uwerx team. Members remained optimistic about the project’s vision. Today at 9:00PM UTC, the team will be unveiling the new smart contract and details of the newly created WERX token.
The team also encourages members to send their recommendations through their feedback email [email protected]. Meanwhile, the dedicated developers continue to work diligently to ensure the timely completion of the Uwerx platform. Updates will be revealed through official press releases.
Due to Uwerx’s strategic recovery plan and the support of its community, the project has once again proven its viability as a long-term investment with high-yield potential. Therefore, there’s no doubt that it will emerge stronger than ever from this temporary setback.
To get more information about the project, click the following links:
Website: https://www.uwerx.network
Telegram: https://t.me/uwerx_network
Twitter: https://twitter.com/uwerx_network