UniBot: Hackers siphon $600k – did the token face losses?

• Hackers steal over $600,000 from UniBot.
• The UNIBOT token had declined by over 17% until press time.

On 31 October, several reports emerged, which disclosed that UniBot [UNIBOT] had fallen victim to a hacking incident. Subsequently, the official UniBot team’s page on platform X (formerly Twitter) acknowledged these circulating reports in one of their posts. 

We experienced a token approval exploit from our new router and have paused our router to contain the issue.

Any funds lost due to the bug on our new router will be compensated. Your keys and wallets are safe.

We will release a detailed response after investigations conclude.

— Unibot (@TeamUnibot) October 31, 2023

Read UniBot’s [UNIBOT] Price Prediction 2022-23

UniBot falls to hackers

According to the team, the attack was attributed to a token approval exploit within their new router. The router has been temporarily halted in response to the breach.

The team’s post also reassured users that any funds lost as a result of the hack would be reimbursed.

Later, a post from Lookonchain estimated how much has been stolen by the hacker. At the time of writing, it was estimated that the total value of stolen funds had exceeded $600,000.

A hacker attacked @TeamUnibot and is stealing the assets of users.

As of now, the stolen assets have exceeded $600K.

If you use #Unibot, please move your funds to other wallets or revoke approvals of the contract as soon as possible.

0x126c9FbaB3A2FCA24eDfd17322E71a5e36E91865 pic.twitter.com/ioObZ3WAyR

— Lookonchain (@lookonchain) October 31, 2023

UniBot functions as a Leveraged Liquidity Provision (LLP) platform. The Telegram trading bot enables users to trade various cryptocurrencies by allowing them to provide a single asset and borrow the volatile asset from the UniBot Pool.

The UNIBOT token assumes a significant role in this ecosystem, providing users with faster transaction speeds. Additionally, the token offers benefits such as yield farming rewards, governance rights, and reduced gas fees to its holders.

UNIBOT suffers a massive decline

The daily timeframe chart for the UNIBOT token revealed a growing sense of fear, uncertainty, and doubt (FUD) around it. At the time of writing, the token had experienced a significant drop of more than 17%, trading at approximately $44.

While there had been previous declines in the days leading up to press time, the most recent decline marked the most substantial one in over a month.

The severity of this decline was also evident in the trend of its Relative Strength Index (RSI). As of this writing, it had fallen below 40, indicating a strong bearish trend.

Source: TradingView

How much are 1,10,100 UNIBOTs worth today?

If the hack persists and more funds are lost, there is a possibility that the token’s value may decrease even further by the end of the day.

TVL remains the same for now

Based on data from DefiLlama, it appeared that Unibot’s Total Value Locked (TVL) had not yet been affected by the hack. At the time of this report, the TVL still stood at over $700,000.