The cryptocurrency Wall Street Memes (WSM) recently fell victim to a substantial hack, resulting in a dramatic plunge in its altcoin price. Despite its motto as “the ultimate expression of the internet’s victory over rampant capitalism,” WSM was not immune to the efforts of hackers.
Spot On Chain, a blockchain data provider, disclosed that WSM experienced a staggering 35% drop in price within 24 hours of the hack. The attackers targeted the WSM stake contract, making off with a substantial 769.4 million WSM tokens, which were promptly liquidated on platforms such as Uniswap and MEXC for Ethereum (ETH).
As of now, the hacker maintains control of approximately $3.58 million worth of WSM across 17 wallet addresses. This suggests a looming threat of continued sell-offs, potentially leading to further depreciation of the altcoin’s value.
In response to the breach, the project took immediate action by suspending its WSM liquidity pool. Additionally, major cryptocurrency exchanges have enforced locks on WSM trading pairs to mitigate the repercussions of the hack.
Recent market data reveals a 23.56% decline in WSM’s value over the last 24 hours, with the altcoin currently trading at $0.009091. Although there has been a partial recovery since the initial aftermath of the hack, the persisting risk of further devaluation remains.
WSM’s trading volume has surged by 111% in the past 24 hours, reaching $11.22 million. The current price stands at 90.57% below its all-time high recorded on September 30, 2023.