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Everscale's Ever Tokens Stolen: The Ongoing Crypto Drama

Jack Evans
Oct 18, 2023 at 07:36 pm

Everscale, the cryptocurrency project that has had its fair share of ups and downs, has once again found itself making headlines. This time, it's not for an exciting new development but for a rather unfortunate incident. Representatives from the Everscale project recently reported the theft of a significant number of EVER tokens. The news sent shockwaves through the crypto community, leaving investors and enthusiasts anxious about the future.

The team took to the social network X to sound the alarm. In their message, they admitted that the exact details of the incident, including the number of tokens stolen, remain shrouded in uncertainty. As a precautionary measure, the developers swiftly disabled the Octus Bridge cross-chain bridge to prevent further losses. They urged users to stay tuned for updates and pledged to provide comprehensive information as the situation unfolds.

The EVER token, once traded enthusiastically on several prominent exchanges like MEXC, Gate.io, KuCoin, HTX, and Coinone, suffered a sharp blow when the theft was reported. According to CoinMarketCap, its value plummeted by a startling 20%. EVER's capitalization also saw a significant dip, falling from $63.9 million to $50 million. However, the crypto market's resilience quickly came into play, and the price of EVER made a surprising recovery, eventually reaching $0.02896. The market capitalization followed suit, bouncing back to $55 million.

Everscale, known for its innovative blockchain ecosystem, was initially introduced as Free TON in May 2020. But, in November 2021, it underwent a rebranding to Everscale, reflecting its evolution and adaptation within the crypto sphere.

This unfortunate incident is not unique in the world of decentralized finance (De-Fi). Recently, another De-Fi project, Platypus Finance, had to suspend its liquidity pools due to suspicious activities, which, upon investigation, turned out to be a malicious hack. According to security experts at PeckShield, the hackers managed to siphon off more than $2 million in digital assets, serving as a stark reminder of the risks that accompany the thrilling world of cryptocurrencies.

It's important to note that Everscale is not the only project that has fallen victim to such security breaches. In February of this year, the project experienced a devastating attack in which attackers made away with nearly $9 million. This breach involved a cunning exploitation of the emergency withdrawal function designed for funds placed as collateral for loans, highlighting the relentless efforts of cybercriminals in the crypto landscape.

The crypto world is indeed a fascinating and ever-evolving space, but it is not without its challenges. Everscale's recent token theft serves as a poignant reminder of the need for constant vigilance in this decentralized frontier. While the crypto market can be highly resilient, it can also be a hotbed for illicit activities. With every setback, the industry learns and adapts, making strides toward a more secure and transparent ecosystem. For Everscale and other projects, the key lies in strengthening security measures and maintaining a commitment to innovation. As the story of crypto continues to unfold, one thing remains certain: its ability to surprise, captivate, and inspire is unwavering.

Read more: Unmasking the Myth: Tether Freezes Illicit Crypto Addresses, Proving Transparency Prevails

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