Unizen CEO Injects Personal Fund to Provide 99% Compensation for Victims, Announces Company
Unizen, a prominent cryptocurrency exchange, has demonstrated remarkable coherence and responsibility by implementing a groundbreaking initiative to refund 99% of funds to customers affected by a recent security breach.
This strategic move was spearheaded by Sean Noga, the CEO and Founder of Unizen, who made a resolute commitment to rebuilding the trust of the community in the midst of a crisis.
The decision came after the exchange fell victim to a hacker attack, resulting in the loss of over $2.1 million worth of cryptocurrency. Exploiting an open external call vulnerability in the contract, the hacker managed to steal the funds.
In contrast to other projects that often exhibit a slow response or remain inactive during a cyber attack, Unizen showcased its authenticity by promptly addressing the crisis. The team even attempted to contact the hacker through an on-chain message, offering a 20% white hat bounty. Unfortunately, their efforts were in vain as the bad actor did not respond.
Implementing an immediate compensation plan, the team took matters into their own hands and worked tirelessly to reimburse over 99% of the funds to the affected victims. This was made possible by the CEO, Sean Noga, who decided to personally loan his funds for immediate reimbursement, without charging any interest.
Providing further details, Unizen assured that the compensation process for all affected wallets with a value of $750,000 or less would be seamless and expedited. Cases that exceed this threshold will be handled separately, prioritizing fairness and efficiency in the compensation process.
Additionally, it was announced that the affected users would have the option to receive compensation in either USDT or USDC, offering them greater flexibility and stability.
The effectiveness of Unizen’s plans is evident, as the team has already recovered $185,000 worth of cryptocurrency from four different hackers, as joyfully announced by the CTO of Unizen, Martin Granstrom, in a tweet.
Unizen prides itself on placing its customers at the forefront and using quality of service as its guiding principle. By offering 99% of funds to affected users, Unizen demonstrates an unwavering commitment to customer trust and security. The exchange sets a leading example in the crypto market through its transparent communication, well-informed decisions, and unwavering support for user communities.
Tags: Hack