Following Uwerx’s exceptional performance during its presale phase, experts expected a successful launch for the project. Uwerx did just that. On August 1, 2023, the project joined the coin market to the praise of investors.
The high praises died down just days later as a hacker attacked Uwerx. This left investors concerned about how Uwerx would pull through the hurdle. Let us see what the project developers have been up to.
Uwerx’s Impressive Roadmap
Uwerx saw arguably one of the best cryptocurrency presale phases ever in the coin market. Its 5-phased presale recorded remarkable success at each stage before coming to an end on July 31, 2023. Its developers had already set an impressive roadmap that translated to presale success.
The development team also launched Uwerx’s Alpha version, with numerous core functionalities. They also began working on the platform’s Premium features and started the promised liquidity lock. All plans were in place, and all presale promises were executed before the unfortunate hack, which set the team back.
How Uwerx Lost $327,000
Uwerx fell prey to a hacker who stole over $327,000 worth of ETH. CertiKAlert and PeckShield Alert first reported the news on Twitter, making investors panic.
According to reports, the hacker caused an imbalance in the Uniswap pool after flash-loaning 20,000 ETH, exchanging it with 5,053,637 WERX tokens, and transferring 4,429,817 WERX tokens back into the pool. He then took advantage of the imbalance he created to siphon 176 ETH.
Uwerx Developers Swing Into Action
Although the attack devastated the Uwerx development team, they wasted no time seeking solutions. The team alerted SolidProof and InterFi Network about the attack. They also sent a public message, asking the hacker to consider keeping 20% of the stolen funds and returning the rest. Additionally, the team announced that they will relaunch Uwerx on the Polygon network.
Uwerx Relaunch Date Draws Near
A few days after creating and sending the contract address for audits, the results showed that the WERX Token Smart Contract had no issues, while the Uwerx Vault Smart Contract had several issues.
Aiming to resolve all problems, Uwerx developers created a new WERX Token Smart Contract and fixed the highlighted issues. They submitted the WERX Token Smart Contract and the Uwerx Vault Smart Contract for re-audits.
Following this, the team announced that they have burned 25,499,071 WERX tokens and have started the 9-month lock on their allocated tokens.
They added that the Uwerx Vault has been deployed and urged the community to participate in the airdrop that will be conducted using the new contract address.
The new WERX Contract Address is 0x9b2CFE1608250BEA375c6199b474B402BaD920da
Showing how efficient they were, the Uwerx team shared the workflow of their designs for creating educational materials (courses) so that the community could study and send feedback. They also started working on the design for integrating services and platforms like LinkedIn, Trello, Asana, and Monday.com, as well as for the webinar sections.
A day after these announcements, the team received the results of the second audit and began working on resolving the issues they identified. They promise to fix all issues before the relaunch on October 25, 2023, at 12:00 p.m. UTC.
The team also informed the community that the MVP version of the Uwerx platform should be completed by October 30, 2023. They shared a Figma file containing designs for service integrations. This allows the community to have a visual preview of upcoming features.
The team also shared the final designs for freelancer-created courses and service integrations with platforms like LinkedIn, Trello, Asana, and Monday.com. They’ve also shared the completed design for the webinar section.
The Uwerx development team has a clear vision for ongoing platform enhancement post-launch. They will follow up the relaunch with the promised airdrop. Users are encouraged to confirm their receiving wallet address by 15:00 UTC on October 8, 2023.
For users who are confused about the DEXTools and different token/staking contracts, Uwerx developers have clarified the situation, stating that the token address was updated due to audit results and nothing more. They assure users of no associated risks. The team has also implemented a tax mechanism that will be allocated to the liquidity pool to fortify the platform against potential attacks. This safeguards the liquidity pool in case of an attack.
Additionally, the team has established a maximum sell tax of 30%, assuring users it will always be within this threshold. The sell tax was designed with the belief that it would not be activated. This decision was made to prevent potential malicious misuse.
Regarding the presale commitment to renouncing smart contract ownership, the team clarified that this action will occur once all smart contracts for premium features start running. They anticipate that WERX will be listed on CEX exchanges before this event.
Marketing is essential, especially for a novel product like Uwerx. As a result, Uwerx developers will intensify promotional efforts in alignment with the relaunch, MVP release, and full platform rollout. This strategic move will maximize visibility and bring in new users.
Furthermore, the team assured the community that they aim to have the platform fully operational within six months from October 30, 2023. This puts community members’ minds at ease, showing a clear trajectory for the Uwerx project development.
Experts agree that the recent hack is a slight setback, and Uwerx will attain its rightful place in the coin market.
Users are encouraged to continue sending feedback and suggestions to the email [email protected] and to trust the team to deliver on their promises.
Disclaimer: This is a sponsored article. The views and opinions presented in this article do not necessarily reflect the views of CoinCheckup. The content of this article should not be considered as investment advice. Always do your own research before deciding to buy, sell or transfer any crypto assets.
