Vow, a decentralized low cost voucher issuer, lately suffered an exploit that put its native token on the cusp of a collapse.
In line with a CertiK report shared with crypto.information, Vow was exploited to $1.2 million instantly after the platform examined a price setter perform on Aug. 13.
Per Vow’s X put up, the testing took a complete of 15 to 30 seconds from altering the speed setter to reverting it again to its regular setting. In the course of the take a look at, the report says, the quantity of “vUSD received per VOW token was changed from 1 to 100.”
Whereas the staff was testing the brand new price for a brief span of time, a bot acquired 20 million Vow (VOW) tokens, value $6.6 million on the time of the exploit, after which swapped the tokens for Ethereum (ETH) on Uniswap V2 for a complete of 452 ETH, value $1.23 million.
Vow added that the staff is engaged on a repair and elevated the token’s burn price to 50%. This may assist VOW’s circulating provide drop to its regular degree.
The exploiter nonetheless holds the ETH obtained from Uniswap, based on Etherscan information.
Not like nearly all of the hacks throughout the crypto ecosystem, the attacker didn’t deposit the funds right into a newly-created pockets. On-chain information reveals that the attacker tackle interacted with the favored cryptocurrency mixer, Twister Money, round 4 months in the past on April 23.
At this level, the VOW token is down by 80% previously 24 hours and is buying and selling at $0.06 on the time of writing. The asset’s market cap is at present sitting at $41 million.
The concern across the hack triggered a 1,400% enhance in VOW’s every day buying and selling quantity, taking it to the $12 million mark.
In line with a Crystal Intelligence report in June, the cryptocurrency ecosystem misplaced roughly $20 billion to hackers and scammers since 2011. Within the second quarter of 2024 alone, the business fell sufferer to 72 incidents and misplaced $572.7 million to malicious actors.