Home
News
Uwerx is a new crypto that has made headlines since its inception. From its presale to its recent launch, Uwerx has recorded significant success. Uwerx’s success so far stems from its features, agile methodology used by the developers, values, and vision for freelancing and crypto.
Amidst the successes come the hurdles, which Uwerx always finds a way to tackle quickly and effectively. Uwerx launched on August 1, but on August 2, an attacker exploited it and stole about $327,000.
Once the Uwerx team noticed the flash loan, it swung into action and has since devised strategies to help recover the exploited funds and rebuild the platform. In this article, we will discuss Uwerx’s journey, from the launch to the hack, and its moves toward recovery.
Uwerx Records A Mindblowing Launch, Makes Further Moves To Expand Its Platform
After a series of successful presale stages, Uwerx finally launched on August 1, 2023. Its launch amazed everyone, with users and investors purchasing the WERX tokens. Uwerx released many bonuses to ensure users made profits, drawing more people in.
Once the launch was over, the Uwerx team began working immediately, giving updates on what to expect next. Uwerx finally deployed liquidity, with its developers starting the 25-year liquidity lock on their tokens. They are also ready to give up smart contract ownership and have submitted their applications to CoinGecko and CoinMarketCap.
The Uwerx Vault, which has received massive support from the community, will soon be deployed once its smart contracts are thoroughly audited. A buyback program will be launched to provide more support for the platform. This will scale accordingly and occur weekly. However, the dates and times will not be released to avoid anyone gaming the system.
The Uwerx platform will soon be completed, as the core functionality design is expected to be done in two weeks. The current design work focuses on the Client, Freelancer, and Agency Dashboards, Additional Settings Pages, and Project Management.
Once this is completed, a Minimum Viable Product (MVP) with functions will be released to the community for testing. Based on the feedback received, the premium functionality design will begin.
Uwerx Witnesses A Hack
A hacker attacked the platform shortly after Uwerx’s successful launch celebration, stealing around $327,000. The attacker flash-loaned 20,000 ETH ($36,726,400), which he swapped for 5,053,637 WERX.
Afterward, he sent 4,429,817 WERX to the Uniswap pool. This amount was ten times more than the prior balance, resulting in an imbalance. He then utilized the skim() function of Uniswap with the address 0x00…1 as the “to” address.
The hacker also used the transfer function of the Uwerx contract. This function usually modifies the sender’s balance first. Since the “to” address was a UniswapPoolAddress variable (0x00…1), an extra 1% of the WERX tokens were burned. The attacker gained 176 ETH ($327,000) by exploiting this imbalance.
Uwerx Forges Ahead, Plans For A Relaunch
Although the hack challenge hindered Uwerx’s progress, the platform is ready to scale, and as such, a new WERX will emerge. There will also be a change in the contract address, and the new address will be released to the community soon. It will undergo a thorough audit, once by an independent contractor and twice by reputable companies, to ensure its security.
The new WERX will also be met with more liquidity to ensure its stability. To do so, the buyback campaign will be put on hold, and the funds reserved for it will be used for liquidity. With the recent launch, Uwerx provided a 3% sell tax and a 1% burn tax, but with the relaunch, there will be no burn tax and a sliding sell tax, of which 100% will be for liquidity.
The Uwerx team has also put out a white hat bounty, stating the attacker could hold 20% of the exploited funds and return 80% to the contract address, 0x6a2A1481c09d55Da3A733fae5691ee72f344555E. Due to the change in contract address, the Uwerx Vault smart contracts are being altered before they get audited.
Uwerx will now deploy on the Polygon network instead of Uniswap, where it deployed with the launch. This move will bring lower trading fees and the ease of using WERX on the platform without having to bridge.
However, those who bought WERX on Uniswap will be supported after the relaunch. The Uwerx team will airdrop these tokens to ensure fair treatment for all once the vesting period is over. Additionally, the team guarantees those who purchased WERX during the presale that their tokens are secure and unaffected by the relaunch.
The airdrop and vesting schedules were adjusted, and the new schedules have been released on Uwerx’s Telegram channel and Twitter page. There will also be a modification in WERX’s allocations, and the new proposition is:
- Presale: 57% (427,500,000)
- User Performance Incentives: 6% (45,000,000)
- Liquidity Reserve: 14% (105,500,000)
- Marketing: 9% (67,500,000)
- Team Tokens: 6% (45,000,000)
- Partnership Incentives: 2% (15,000,000)
- Joining Incentives: 6% ( 45,000,000)
Following the presale result, 25,499,071 of the new WERX will be burned. There will be some alterations to Uwerx’s whitepaper to reflect the changes that will be made on the platform.
Uwerx has received tremendous support from its community so far. This is because it always hears from them before making any moves. It has dedicated this week (August 6–13) to conducting polls and seeking the community’s opinions and ideas on their next move. At the end of the polls, it will release dates and information concerning upcoming events and begin developing the new WERX by August 14.
It has already put up polls asking how long the community thinks the vesting period should last. Another poll asks if the sliding sell tax should be directed entirely to liquidity. These polls will end on August 13, and the results will be collected. The community can send their feedback and ideas to [email protected].
There will be press releases this week and another detailed announcement on August 21. All these efforts are to ensure the community is well informed and prepared for the WERX relaunch.
The Uwerx community continues to grow, with over 2,000 Twitter followers and 2,500 Telegram members.
Uwerx’s platform development is still fully in motion. Amidst this hurdle, the team has completed certain platform sections, such as Settings, Security, Help Center, Login, Privacy Policy, Create Account, and Finished Payments.
Uwerx is on its way to recovery glory and is ready to show what resilience and sustainability mean. The platform has continued to witness an upward trend, with more moves to expand. As we wait for the emergence of the new WERX, it is only wise to join the moving train by becoming a member of Uwerx’s community. Join now by clicking the links below:
Website: https://www.uwerx.network
Telegram: https://t.me/uwerx_network
Twitter: https://twitter.com/uwerx_network
Disclaimer: Any information written in this press release or sponsored post does not constitute investment advice. Thecoinrepublic.com does not, and will not endorse any information on any company or individual on this page. Readers are encourag to make their own research and make any actions based on their own findings and not from any content written in this press release or sponsor post. Thecoinrepublic.com is and will not be responsible for any damage or loss caused directly or indirectly by the use of any content, product, or service mentioned in this press release or sponsored post.
For publishing articles on our website get in touch with us over email or one of the accounts mentioned below.
