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Since early 2023, many crypto enthusiasts and investors have been captivated by the novel Uwerx project. Although early investors who participate in various crypto launches take risks while aiming for substantial profits, they face the danger of losing their funds due to the complexity of smart contracts and platforms.
Uwerx faces such challenges as it was recently hacked a day after its launch on Uniswap. However, it has shown its resilience as its team has taken measures to mitigate the effect and protect investors’ funds. Read on to discover how Uwerx is faring post-launch hack.
Uwerx Enjoyed A Sold-out Presale
Uwerx’s five-phased presale ended on July 31st at 23:59 UTC. The project witnessed massive success as its WERX token was sold at the final presale price of $0.05645. Buyers also enjoyed different presale bonuses, with the last bonus being 27.5%.
Due to the many incentives offered by Uwerx, the project attracted many investors and boasted over 2,000 Twitter followers and 2,200 members on Telegram. Many analysts also predicted Uwerx to become the next blue-chip crypto.
In addition, the Uwerx platform, which began with an Alpha version, has progressed remarkably over the months. Most of the platform’s core functionalities are already complete, thanks to the hardworking developers. These features 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, other features billed for completion 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 done, our developers will begin working on the premium elements of the Uwerx platform.
However, users will soon enjoy the unique Uwerx Vault as its design has successfully concluded. It is scheduled to complete its audit process by early August. Conversely, 84% of the Uwerx community has expressed keen interest in utilizing the Vault to safeguard their funds and increase their earnings.
On August 1st at 16:00 UTC, Uwerx finally launched on Uniswap, introducing a 3% sell tax distribution, 1% allocated for token burning, and 2% designated for marketing purposes. The team also upheld their commitment to locking deployed liquidity for a quarter-century, a pledge initially made during the presale. Furthermore, they reaffirmed their intent to relinquish smart contract ownership shortly after the CEX launch.
Uwerx announced its Buy-back program to provide additional project support. The campaign was to be executed weekly and will adapt based on performance metrics. However, specific buy-back dates were deliberately withheld by the team to discourage undesirable behavior.
Uwerx Loses About $327K In A Flash-loan Attack Soon After Uniswap Launch
Following its successful launch on Uniswap on August 1st, Uwerx faced an unexpected setback when it fell victim to a flash loan exploit. This unfortunate incident led to a loss of 176 ETH (approximately $327,000) from the platform. The exploit occurred on August 2nd and was revealed on Twitter by PeckShield Alert and CertiK Alert.
The CertiK Alert report outlined that the attacker executed a flash loan of 20,000 ETH ($36,726,400), swiftly exchanging it for 5,053,637 WERX tokens. The assailant created an imbalance in the Uniswap pool by sending 4,429,817 WERX tokens – approximately ten times the initial quantity – into the pool.
To further manipulate the situation, the attacker used the skim() function of Uniswap, directing the token transfer to burn 1% of the initial amount, thereby creating an exploitable imbalance. Ultimately, the attacker acquired 176 ETH (worth $327,000) after the hack.
Uwerx Community Shows Massive Support Amidst Recent Security Attack
In a surprising turn of events, Uwerx showed unrivaled persistence following the recent hack on the project. Its community’s support amidst this setback has been inspiring.
On the other hand, the quick intervention of the Uwerx team is worth noting, as they quickly contacted SolidProof, InterFi Network, and other security platforms that reported the hack. In addition, they offered the exploiter 20% of the stolen funds as a bounty if they’ll return 80% of the funds.
Also, the Uwerx team has prepared a plan to ensure funding and propel the project’s advancement. This includes relaunching WERX using the buy-back liquidity and auditing the new smart contract address. The new WERX will be created on August 14th, while its details will be revealed on August 21st. They will also adjust the tokenomics, airdrop schedule, and whitepaper to reflect the recent changes. Meanwhile, the team has assured users of the safety of their WERX tokens bought during the presale.
In addition, a new sell tax will be introduced. This will decrease throughout the new vesting period. The team plans to channel 100% of the sell tax to the liquidity pool for Uwerx on Uniswap. This will greatly benefit Uwerx.
Moreover, the Uwerx community has displayed tremendous backing for the Uwerx team. Participants have maintained a positive outlook regarding the project’s mission. At 9:00 PM UTC today, the team is set to reveal the fresh smart contract and provide information about the newly generated WERX token. Meanwhile, recommendations can be sent through the official Uwerx feedback email, [email protected].
As Uwerx works to bounce back, the importance of having a committed team and a strong community must be emphasized. The developers were undeterred by the recent security breach as they continued to push forward with the design of the Uwerx platform. Thus, we believe Uwerx could become more valuable soon.
To get more details, click the links below:
Website: https://www.uwerx.network
Telegram: https://t.me/uwerx_network
Twitter: https://twitter.com/uwerx_network
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