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Wall Street Memes Faces Coordinated Attack

Rene Peters Rene Peters
January 26, 2024
Wall Street Memes Faces Coordinated Attack

The Wall Street Memes (WSM) cryptocurrency has seen its price decline over 30% in the past day due to what is being reported as a coordinated attack on its staking and liquidity protocols.

According to on-chain analytics firm SpotOnChain, a wallet address labeled as “exploiter 0xb52” stole 769.4 million WSM tokens valued at $6.99 million from the WSM staking contract yesterday. The tokens were withdrawn at a price of $0.126 per WSM.

Following the withdrawal, the exploiter began aggressively dumping the stolen WSM tokens on decentralized exchanges Uniswap and MEXC, according to SpotOnChain. This dumping is reported to have driven the WSM price down approximately 35% over the past 24 hours.

In response to the attack, the WSM team took swift actions to mitigate further impact. SpotOnChain reports that the WSM project withdrew its liquidity pools, locking trading pairs on centralized exchanges to prevent the attacker from easily offloading more tokens.

This coordinated assault on the WSM staking and liquidity infrastructure represents a concerning breach of protocol defenses. While the project responded reasonably well, the large amount of tokens stolen and price decline damages confidence in WSM. Going forward, improved staking and liquidity security will be important for the project to restore user trust following this attack.

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The details provided here were reported by the respected on-chain analytics firm SpotOnChain, highlighting the need for transparent disclosure of such exploits to protect investors and support protocol improvement. The coordinated nature of this attack on multiple fronts is a reminder that decentralized protocols remain vulnerable to sophisticated exploitation if defenses are not continually strengthened.

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

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