There are important developments for an altcoin in the cryptocurrency world. There is a theft. After the theft, the price dropped sharply. Let’s look at the details together.
Altcoin Everscale’s struggles amid a major token theft
Everscale, a blockchain project using the architecture called Telegram open Network, is on the agenda with a shocking event. Accordingly, he fell victim to a significant token theft. On the other hand, altcoin EVER was shaken by a loss of more than 20% in value in the last 24 hours.
The Everscale team quickly addressed the sudden drop in token value. Accordingly, they shared a post on page X. Accordingly, they released a statement confirming the unfortunate theft of a significant amount of EVER tokens. To counter the breach, the team temporarily shut down Octus Bridge, an integral part of the Everscale ecosystem responsible for facilitating cross-chain transactions between leading networks such as Ethereum, BNB, Polygon, Solana, Avalanche, and Fantom. After that, he took action quickly.
Recent EVER volatility
Friends, unfortunately, a large number of EVER tokens have been stolen.
We are working closely with exchanges where EVER is listed in order to stop any further outflow of tokens 🛠
Please stay calm and refrain from taking any hasty actions 🧘
To the heck… pic.twitter.com/RxmkSiwmnC
— Everscale (@Everscale_net) October 17, 2023
The team takes action
The Altcoin Everscale team has also reached out to cryptocurrency exchanges where the altcoin EVER is listed to prevent further unauthorized token transfers. This proactive approach demonstrates the urgency of the situation. It also highlights the team’s commitment to minimizing the effects of theft.
In its official statement, Altocin Everscale team called on users to remain calm. On the other hand, he advised them not to make hasty decisions in the face of the incident. The team promises to provide more detailed information as the ongoing investigation progresses. It also gave users hope for transparency and resolution during this challenging time.
Impact on EVER token value
Following this troubling token theft, Everscale’s native cryptocurrency EVER suffered a significant drop in market value. The value of altcoin EVER dropped by 24.3% in the last 24 hours, falling from $0.032 to $0.024. Afterwards, the price fell back to $0.29. Accordingly, the market’s reaction to recent developments is an indicator of the fragility of digital assets. It also highlights their susceptibility to sudden price fluctuations when security breaches occur. The investigation into the theft continues. On the other hand, the Everscale team is working tirelessly to rectify the situation.
As Kriptokoin.com, the Bitcoin and altcoin community remains alert and hopeful for a quick solution. In an industry where security is of utmost importance, incidents like these underscore the importance of robust security measures and constant vigilance to protect digital assets. This incident is a stark reminder of the challenges facing the cryptocurrency space. It also highlights the critical need for a proactive approach to security and risk management.
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