Suspected Exploit Forces VeVe NFT Platform Offline

VeVe has been forced to shut its marketplace following an exploit. Details are sparse but investigations are already underway.

VeVe, a digital collectibles platform, announced that it had suffered an exploit that led to a significant number of losses. The platform told its users via Twitter, sparking reactions from community members.

“We have become aware of an exploit of our systems which resulted in a large number of gems being acquired illegitimately. We appreciate the members of the community that have come to us after noticing unusual activity,” the tweet said. It appears that some bad actors were using bots to obtain gems.

“Happy to hear you found the exploit,” said one Twitter user. Others bemoaned the delay in identifying the exploit that has been running on the platform for over a year, and a cross-section blamed VeVe for not prioritizing the security of the platform.

VeVe said it had closed the market pending the resolution of investigations. As part of the investigation, the company warned that some users may find that their accounts have been restricted but they will be alerted if that proves to be the case.

VeVe was launched in 2018 as a marketplace for premium licensed digital collectibles. The platform stood apart from the competition by offering digital collectibles that are 99% environmentally friendly, according to its blog, through the launch of a program to offset 100% of the carbon footprint associated with collecting non-fungible tokens (NFTs).

The NFT space has been blighted by several exploits in recent months. In Jan, an OpenSea bug was exploited leading to the loss of at least eight high-value collectibles worth over $1 million. 

The bug allowed bad actors to buy NFTs at a fraction of their original prices which they then resold for a profit.

And decentralized finance (DeFi) has also suffered its own share of hacks recently. On March 10, Fantasm Finance lost $2.6 million in an exploit that saw 1,007 ETH stolen. 

Then Andre Cronje, a pioneer in the field, announced that he was leaving the ecosystem after his latest project suffered a security breach.

Last year, the PolyNetwork hack made history as the largest heist the crypto had ever seen, as the hacker stole $600 million worth of crypto assets. 

The hacker later returned the loot and was offered a $500,000 bounty and a role as chief security adviser on the platform.

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