Wall Street Memes Faces Coordinated Attack on $WSM Network

Hackers exploited a vulnerability in the staking provider, gaining unauthorized access to $WSM's staking contract.

Last updated: January 25, 2024 5:25 PM

Published January 25, 2024 5:25 PM

Last updated: January 25, 2024 5:25 PM

Published January 25, 2024 5:25 PM

The team behind the $WSM coin and WSM Casino, Wall Street Memes, confirmed a coordinated attack on its network.

Last night, the Wall Street Memes token was subject to a coordinated attack.

The hackers exploited a vulnerability and attacked the $WSM staking contract.

Read the details on our @medium:https://t.co/TyTpANLpmL pic.twitter.com/TYjUXwzgKs
— Wall Street Memes (@wallstmemes) January 25, 2024

The hackers exploited a vulnerability in the staking provider to access $WSM’s staking contract. Quick response measures were taken, including pulling liquidity from Uniswap and halting $WSM trading on various exchanges, minimizing the impact.

In the coming days, the team plans to deploy an upgraded token contract, creating a new staking pool with all current staked token information intact. Despite the setback, it’s important to note that $WSM made a successful market debut last year, raising over $25 million in early investment.

The project gained support from notable exchanges like OKX and ventured into NFTs with the Wall St Bulls collection, selling out within 30 minutes and generating over $2.5 million.

Despite the recent security breach, Wall Street Memes’ swift response and innovative track record, including a successful token debut and lucrative NFT ventures, suggest resilience and potential for recovery.