The cryptocurrency market has faced a series of hacking attacks recently. The last victim of these attacks was the Wall Street Memes (WSM) altcoin project. Here are the details…
Altcoin project WSM suffered a hack attack
WSM is a meme token that was launched with the support of famous names such as Elon Musk and gained popularity in a short time. However, as a result of a hack attack on January 25, 2024, approximately 368 million of the WSM tokens were stolen. The attack was carried out by exploiting a vulnerability in the WSM staking contract. Hackers took advantage of this vulnerability and captured 769.4 million WSM tokens.
After the attack, the WSM team took action quickly. The team withdrew liquidity from Uniswap and asked exchanges to temporarily halt WSM trading. These measures made it harder for hackers to sell stolen tokens. However, hackers still managed to sell some of the stolen tokens. The value of the tokens sold by hackers is approximately $3.3 million.
The price has dropped significantly
Following the attack, the price of the WSM token dropped significantly. WSM, which has decreased by approximately 30% in the last 24 hours, continues to be traded at $ 0.0091 at the time of writing. WSM hack attack is a serious incident that jeopardizes the future of the project. The attack has cast a shadow over the credibility of the WSM token and may reduce investors’ interest in the project.
The WSM team took a number of precautions following the attack. The team updated the WSM staking agreement and strengthened security measures. However, it is not yet clear whether these measures will be sufficient. The WSM hack is a worrying development for the cryptocurrency market. A series of recent hacking attacks is shaking the trust in the reliability of cryptocurrencies.
Reasons for the attack
Cryptocurrency investors need to be careful against such attacks and consider the risks when making their investments. The WSM hack was the result of a combination of factors. These factors include:
- Vulnerability found in the WSM staking contract: Hackers carried out the attack by exploiting a vulnerability in the WSM staking contract. This vulnerability allowed a user to control their own staked tokens. By exploiting this vulnerability, hackers stole tokens from all accounts connected to the WSM staking contract.
- General risks in the cryptocurrency market: The cryptocurrency market is a market that always involves high risks. These risks include hacking attacks, price fluctuations and legal uncertainties. The WSM hack attack once again underlined these risks.
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