As a result of a cyber onslaught, Wall Street Memes (WSM) experienced a drastic 35% plunge in value within just 24 hours. Spot On Chain, a blockchain analytics platform, pinpoints the cause: a hacker unloading over 368 million WSM tokens.
Thursday’s attack saw the hacker siphon off approximately $3.3 million tokens. In response, the market reeled, with WSM’s value taking a sharp nosedive. Despite a slight recovery, the token was still down 22.96% from the previous day, per CoinMarketCap data.
The WSM team reacted quickly to mitigate further losses, shutting down the WSM liquidity pool and halting trading pairs across multiple exchanges. However, the hacker still controls a vast trove of 396.2 million WSM tokens, valued at around $3.58 million.
Nestled in 17 different wallets, this remaining stash poses a looming threat. Any further sales could dent WSM’s market value, currently at $17.4 million. With a circulating supply of 1.92 billion tokens, the network remains on edge, bracing for potential impacts. This incident is a reminder of the vulnerabilities inherent in the digital currency landscape.
Also Read: How to Buy Wall Street Memes $WSM Token
