Restoring Trust: A Deep Dive Into Uwerx’s Post-Flash Loan Recovery Strategy

Restoring Trust: A Deep Dive Into Uwerx's Post-Flash Loan Recovery Strategy

Uwerx is clearly committed to transforming freelancing. A quick look at its successful presale and launch serves as undeniable evidence. However, Uwerx encountered a setback shortly after its successful launch due to a flash loan attack.

Here is what we know about the project’s recovery plan.

Uwerx: Post-Presale Update And Launch On Uniswap

Uwerx’s presale phase was noteworthy, attracting over 2,000 followers both on Telegram and Twitter. The event ended on July 31st, while the WERX token finally sold out at $0.05645.

Uwerx launched on August 1, 2023, on Uniswap and locked its liquidity for 25 years to ensure a stable liquidity pool. It also proposed 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. Meanwhile, its team reaffirmed its promise of forfeiting all smart contract ownership after listing on centralized exchanges.

In addition, the team announced a weekly Buy-back program to stabilize and support WERX’s price. However, specific dates and times for the buy-backs were not disclosed to ensure fairness. This fund will be channeled to liquidity provision due to the hack.

More still, the developers added core functionalities to the Uwerx platform, like the Message Search, Contract Preview, Unlogged view for Agency, Freelancer and Client, Application Preview, Chat System within Job Postings, and Agency Role Selection. The core design is now complete

Other completed pages are Settings, Forgotten Password, Help Center, Login, Create Account, Privacy Policy, Finished Payments, Security Sections, Freelancer Profile Creation, Milestones, Revamp of Job Application Page, and Application Boosting (using WERX).

Furthermore, upcoming platform features were Agency Dashboard, Client Dashboard, Additional Settings Pages, Freelancer Dashboard, and Management of Ongoing Projects. The developers planned to begin designing the premium elements of the Uwerx platform once they fixed the above features.

There is also the completed Uwerx Vault, which 84% of the community stated they would use after the smart contracts are fully audited.

Hacker Exploits $327K Following Official Launch

Shortly after its launch, Uwerx witnessed a flash loan exploit. CertiKAlert (on Twitter) stated that the hacker obtained a flash loan of 20,000 ETH (worth over $36 million) and used it to acquire 5,053,637 WERX tokens. Then, the attacker sent 4,429,817 of the tokens to Uwerx’spool on Uniswap, which caused an imbalance in its token supply.

Subsequently, the attacker leveraged Uniswap’s skim() functionality, designating the recipient’s address as 0x00…1, prompting the protocol to burn 1% of the initial token amount during the transaction. This aided the hacker in stealing 176 ETH (worth around $327,000).

Uwerx And Its Community Embrace The Future With WERX Relaunch

In light of the recent hack incident, the Uwerx team and its community have put in place appropriate strategies to address the challenges that have arisen. They quickly contacted SolidProof and InterFi Network. They also put out a ‘white hat bounty,’ offering the hacker 20% of the stolen funds in return for 80%.

As part of the recovery plan, Uwerx will relaunch its WERX token on Polygon using the liquidity intended for the buy-back scheme. The new WERX was deployed on the Polygon mainnet on August 22nd.

Also, the team has modified the Uwerx Vault and plans to deploy it with the new smart contract address. They will audit the token’s new contract address three times to ensure better security. Two of the audits will be performed by two new audit companies, while an independent auditor will conduct one. Afterward, they’ll readjust the airdrop schedule, whitepaper, and tokenomics to reflect these changes.

The Uwerx community is actively involved in the recovery plan. In a poll conducted from August 6th to 13th, they voted for a new vesting period of 10 weeks and a new 30% sell tax. The tax will be temporary and will decrease throughout the new vesting period, while 100% of the generated funds will go into liquidity provision.

In addition, the team has assured users of the safety of their WERX tokens purchased during the presale. There’ll also be YouTube media and explainer videos, which will be released around  theWERX deployment date. This will help users understand the details of the newly modified WERX token. Meanwhile, members are encouraged to send their opinions through the official feedback email, [email protected].

On Wednesday, 6th September at 18:00 UTC, the Uwerx Team initiated their Token Lock. This was followed by the Uwerx Token Burn Event on Thursday, 7th September at the same time, during which 25,499,071 WERX tokens were burned. Presently, the Uwerx Test Airdrop is set for today, Friday, 8th September at 18:00 UTC. Participants are reminded that there’s no need to alter their receiving wallet address from the one previously associated with their Ethereum account.

The smart contracts for the tokens and vaults have been audited, encompassing an independent peer review and an evaluation by a distinguished third-party auditor. We are currently awaiting the results of the third audit. Development of the MVP is slated to commence either in late September or early October.

Thanks to the commitment of the developers, the premium features of the Uwerx platform are already underway as they’ve completed the Milestones, Settings, Freelancer Profile Creation, and Application Boosting (using WERX) pages and revamped the Job Application Page.

With this proposed strategy, we firmly believe Uwerx can still fulfill experts’ speculations of becoming a notable competitor in the market.

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Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

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