In a hack that surfaced earlier today, NFT and Web3-focused altcoin project Shredded Apes reported that 78 million tokens were seized and quickly released.
Million-dollar hack in NFT-focused altcoin project
Approximately 78 million WHEY tokens belonging to Shredded Apes were drained from the project’s wallets in a hack attack. On February 1, the team confirmed that its main wallet, which contains the copyrights and native token WHEY, has been breached. According to the statements of ShreddedApes founder Pengucci:
I have some hard news to tell you all. One of my team members just informed me that our LP tokens are running out. Our entire main wallet containing WHEY has been breached. All funds transferred about 2-3 hours ago to wallet: EgnTKUUsN1nyq4ap7hK9VSqSettH6T4gvLvdj3spneCg.
All of WHEY (approximately 78 million) was transferred to our royalty wallet as we had to migrate our tokens to Mintinglab V2 about a week ago. They sold everything. We’re working with multiple people to figure out what caused this vulnerability. No one on the team had access to our main wallet. This wallet has not approved any transactions outside of our own staking website and webshop Magic Eden.
The founder later said that the incident happened suddenly, that records were taken for the redemption and that investors should not panic sell:
As of now, there are more questions than answers. I was about to sleep while all this was happening. I will work with our team to gather all the information and prepare a contingency plan. Although it may be difficult, I can assure you that I will work around the clock and looking for forward-looking solutions.
As for people who have recently bought or bought WHEY – Do not buy or sell right now – we will soon take a snapshot of all wallets containing WHEY and come up with an action plan.
Shredded Apes (WHEY) crashed 97% despite all the support on Twitter
After ShreddedApes founder Pengucci’s statements, a dozen investors on Twitter who supported the team and the project tried to alleviate the situation with ShreddedApes NFT images. Still, the sale of 78 million WHEY tokens required more than that. The WHEY token is down almost 100% today, shortly before the attack surfaced.
Pengucci later tweeted, “I am devastated to bring you this news. I will keep you all informed in the coming days and hours. While I’m still skeptical, I’m confident we’ll fix this situation.”
ShreddedApes’ WHEY token hack was the last exploit of the NFT market in January. cryptocoin.com As we have reported, the Twitter account of Azuki, one of the popular NFT coin projects, was the victim of last week.
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