Wall Street Memes (WSM) cryptocurrency has experienced a notable downturn following a coordinated attack on its staking and liquidity systems.
The exploit resulted in a drastic 30% price drop in the cryptocurrency, contributing to substantial losses across various time frames.
The $WSM price has dropped ~35% (24H) as the exploiter dumped WSM.
— Spot On Chain (@spotonchain) January 26, 2024
Currently, WSM is grappling with a significant decline, showing a 2% drop in the last 24 hours, a 33% decline over the past week, and a 58% loss over the previous month. Moreover, the token has experienced a 66% decline in the last three months and a 57% year-to-date decrease.
Notable WSM Wallets To Monitor Holding, Staking And Moving The Token
According to reports from Spotonchain, wallet 0xb52 executed a theft of 769.4 million $WSM from the WSM staking contract and subsequently sold them for $ETH on Uniswap and MEXC exchanges.
Presently, there remain 396.2 million $WSM ($3.58 million) across 17 addresses awaiting sale. Notably, the project has taken proactive measures by withdrawing the WSM liquidity pool and locking the WSM trading pairs on centralized exchanges (CEXs) to mitigate the impact of the attack.
This coordinated attack underscores the vulnerability of decentralized protocols to sophisticated exploitation and serves as a stark reminder of the importance of continuously enhancing security measures.
As the cryptocurrency landscape evolves, it becomes increasingly crucial for projects like Wall Street Memes to remain vigilant and implement robust safeguards to protect against malicious actors and potential vulnerabilities.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.