Uwerx Turns Setback to Success As It Relaunches on October 25
The post Uwerx Turns Setback to Success As It Relaunches on October 25 appeared on BitcoinEthereumNews.com. Top-performing projects in the crypto space are characterized by their real-world utility and viability. Uwerx impresses with these two, which is why it was able to overcome the recent hack on its protocol. As it gears up for a successful relaunch on October 25th, let us find out how it intends to provide stronger security and enhanced features. Uwerx’s Earlier Launch On Uniswap Uwerx ended its 5-phased presale on July 31st and officially launched the following day on Uniswap. The launch was announced alongside a 3% sell tax, 1% token burn, and 2% marketing. A weekly buy-back program was also unveiled but later shut down after the hack as the reserved liquidity went toward the project’s relaunch. In addition, the Uwerx team locked its liquidity and reaffirmed its plan to renounce smart contract ownership. Furthermore, developers of the Uwerx freelance platform completed pages like the Freelancer Profile Creation, Privacy Policy, Finished Payments, and Forgotten Password pages. While they continued to update more features, they completed the Uwerx Vault and sent it for audit. Uwerx Suffers A $327K Loss As Hacker Hits The Protocol On August 2nd, Uwerx suffered a security breach that resulted in the loss of 176 ETH (valued at around $327,000). The security report on the incident revealed that the attacker received a flash loan of 20,000 ETH (valued at over $36 million) and exchanged it for 5,053,637 WERX tokens. To disrupt the equilibrium of the Uniswap pool, the assailant put back 4,429,817 WERX, nearly tenfold the initial amount. In a cunning move, the attacker utilized the skim() function of Uniswap to direct the token transfer, causing 1% of the original token amount to be burned, enabling him make away with 176 ETH. Uwerx’s Persistence Pays Off As Its October Relaunch Draws Near Uwerx handled the subsequent challenges…
The post Uwerx Turns Setback to Success As It Relaunches on October 25 appeared on BitcoinEthereumNews.com.
Top-performing projects in the crypto space are characterized by their real-world utility and viability. Uwerx impresses with these two, which is why it was able to overcome the recent hack on its protocol. As it gears up for a successful relaunch on October 25th, let us find out how it intends to provide stronger security and enhanced features. Uwerx’s Earlier Launch On Uniswap Uwerx ended its 5-phased presale on July 31st and officially launched the following day on Uniswap. The launch was announced alongside a 3% sell tax, 1% token burn, and 2% marketing. A weekly buy-back program was also unveiled but later shut down after the hack as the reserved liquidity went toward the project’s relaunch. In addition, the Uwerx team locked its liquidity and reaffirmed its plan to renounce smart contract ownership. Furthermore, developers of the Uwerx freelance platform completed pages like the Freelancer Profile Creation, Privacy Policy, Finished Payments, and Forgotten Password pages. While they continued to update more features, they completed the Uwerx Vault and sent it for audit. Uwerx Suffers A $327K Loss As Hacker Hits The Protocol On August 2nd, Uwerx suffered a security breach that resulted in the loss of 176 ETH (valued at around $327,000). The security report on the incident revealed that the attacker received a flash loan of 20,000 ETH (valued at over $36 million) and exchanged it for 5,053,637 WERX tokens. To disrupt the equilibrium of the Uniswap pool, the assailant put back 4,429,817 WERX, nearly tenfold the initial amount. In a cunning move, the attacker utilized the skim() function of Uniswap to direct the token transfer, causing 1% of the original token amount to be burned, enabling him make away with 176 ETH. Uwerx’s Persistence Pays Off As Its October Relaunch Draws Near Uwerx handled the subsequent challenges…
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