Digital Collectible App VeVe Pauses Operations Due to Exploit

Digital Collectible App VeVe Pauses Operations Due to Exploit

The NFT mobile application has suffered from malicious activity that allowed hackers to claim collectibles without authorization.

The exploit was initially noticed on March 22nd after VeVe NFT collectors have started noticing the influx of gems, and the decline in the price of their NFTs.

A day later, the team behind the project announced on social media that the platform has been exploited by hackers who managed to get hold of a "large amount of gems" which are used to purchase collectibles or swapped for OMI tokens and fiat currency within the app.

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The transaction system of VeVe’s marketplace was seemingly faulty as several users on Twitter claimed that they were able to use closed credit cards to purchase gems.

Even more so, one user on Twitter shared a picture from the VeVe community’s Discord channel that shows a collector hypothesizing on the reasons behind the price fluctuations of VeVe’s NFTs.

According to the screenshot, the NFT marketplace has recently had the largest influx of gem purchases ever, later followed by a price crash and a large increase of gem sales, suggesting that there were a high amount of gems purchased and sold off for cheap.

Meanwhile, the VeVe marketplace halted gem purchases presumably because there was indeed an exploit that allowed users to illegally obtain unlimited gems. Some sources claim that there were somewhere between 7-9M gems allegedly purchased with expired credit cards.

The platform had seen immense growth due to its collectibles being tied to some of the most known series and animation characters from Marvel, DC Comics, and various TV shows. In fact, just recently, VeVe launched its Pixar collection called Pixar PALS. However, it is uncertain whether the marketplace will fully recover after the breach.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree


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