The well-known NFT marketplace, Veve, with licensed digital collectibles, suffered an exploit causing millions of gems (in-app tokens) to get acquired illegitimately.
Veve acknowledged the exploit on its platform in an official tweet thread and revealed that the attackers managed to get hold of a “large amount” of gems illegally. The platform has shut both the marketplace and its gems purchase option till the probing is complete.
If reports are to be believed, the exploiters managed to mint millions of in-app tokens without having to pay for it. This was done by exploiting a bug in the buying mechanism. One Twitter user wrote that their friend accidentally purchased gems using an expired credit card and that too, quite smoothly.
After the alarm, Veve has also restricted several user accounts that were trying to buy the cheap gems from fraudulent accounts. Although the platform itself didn’t reveal the number of exploited gems, Twitter users predict that the figure could be in millions and this could be the biggest theft on the platform.
Another Twitter user shared a timeline of events of the exploit. Following this, it is disclosed that Veve first registered the biggest 3-day buying of the in-app token gems, and then a crash in the price of the token by half (from 0.5 to 0.25) took place. Eventually, the marketplace went into maintenance.
The exploits on Veve also caused a massive decline in the price of the listed NFTs on the platform. Speaking of which, one user realized why the NFT value dropped by 80% within a week after Veve’s official post.
The platform is a hot favorite among popular brands such as Marvel, Disney, Pixar, and Coca-Cola, who have chosen Veve as their official launch partner. Recently, Veve had launched Marvel Digital Comic -‘What If #105! featuring “Mayday” Parker, the Amazing Spider-Girl!
